Indications emerged at the weekend that the Interim Managing Director of Abuja Electricity Distribution Company (AEDC), Engr. Akinwumi Bada has allegedly resigned his position.
He was appointed in December, 2021 to head a five-member management team of the troubled AEDC for a period of five months following the disengagement of the erstwhile AEDC managing Director, Ernest Mupwaya along with other top management officers.
Although no reason could be ascertained on why Engr. Bada resigned, it may not be unconnected with the protracted core investors issues which had permeated into the operations of AEDC.
Following his resignation, Adeoye Fadeyibi, the Managing Director/CEO of Eko Electricity Distribution Company (EEDC) has also alleged to have been appointed to head the AEDC, according to impeachable source who confirmed this to OPTIMUM TIMES, Sunday.
However, OPTIMUM TIMES efforts at confirming the story was rebuffed as contacts made in Nigeria Electricity Regulatory Commission (NERC) and AEDC for confirmation of the developments proved abortive.
Also, the BPE head, Public Communications Department, Mr. Ibe Uzoma Chidi said, “Not aware of this development” in response to text message “Could you please, confirm to us the resignation of AEDC interim managing director, Akinwumi Bada and his replace by Adeoye Fadeyibi. Thank you”sent to him at about 7.43.
On his part, Engr Akinwumi Bada, did not neither pick several phone calls put across to him nor respond to the text message “Could you please, confirm to us your just resignation from AEDC as its interim managing director and Why? Thanks” sent and delivered on his phone at about 7.12 pm. Sunday. This could not yield any result as text message and WhatsApp text sent to him for confirmation or otherwise were not replied.
The Bureau of Public Enterprises (BPE), had announced Bada Akinwumi as Interim Managing Director of AEDC in December, 2021, saying that the Nigerian Electricity Regulatory Commission (NERC), the apex regulator of the power sector, had approved his appointment.
Other members of the team are Sani Usman as Interim Chief Business Officer, and Babajide Ibironke as Interim Chief Finance Officer, Donald Etim as Interim Chief Marketing Officer, and Femi Zachaeus as Interim Chief Technical Officer.
Chairman of NERC, Sanusi Garba, in approving the appointments, said the development is in pursuance of the earlier fit and proper review of your (BPE’s) pool of nominees and in the context of business continuity frame work of the Nigerian Electricity Supply Industry (NESI)
NERC and BPE, in a joint statement signed by NERC Chairman, Sanusi Garba and Director General of BPE, Alex Okoh, stated that there had been an ongoing dispute amongst competing factions of AEDC’s majority shareholder/core investor KANN Utility Company Limited (KANN).
“The dispute eventually spilled over with the lender that provided the acquisition loan to KANN for the acquisition of majority shares during the privatisation exercise in 2013, over KANN’s inability to service its debt to the bank.
“The United Bank for Africa (UBA) had acted as Mandated Lead Arranger, underwriting the entire facility of US$ 122 million (about N20 billion) for KANN Utilities acquisition of AEDC.”
The statement further cited that the protracted disagreements among the core investors resulted to AEDC not only struggled to meet its obligations to the market under the terms and conditions of its licence but was also unable to meet its obligations to key stakeholders in the organisation, including staff.
The statement stated that this culminated in the industrial action by members of the Nigerian Union of Electricity Employees (NUEE) which resulted in a total service disruption on Dec. 6, for over 14 hours in AEDC’s network area.
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