- UBA officials dominate
In December, 2021, the new board and management members of the Abuja Electricity Distribution Company (AEDC) were named to steer the operations of the company after a prolonged investors’ crisis.
Although the core investors, KANN Consortium, challenged the takeover of the company by the new management in court, the board and interim management have since assumed duty.
KANN acquired the Distribution Company (DisCo) in 2013 and was at loggerheads with the United Bank for Africa (UBA) over the full repayment of the acquisition loan. This led to a crisis in the company that resulted in a protest by its workers in November 2021, for the arrears of their entitlements.
Following the intervention of the Minister of Power and the Nigerian Electricity Regulatory Commission (NERC), the issue was resolved as UBA took over keyboard and management positions to enable it to manage the firm until it recoups its loan.
Daily Trust on Sunday reports that the new board was inaugurated shortly after the management was constituted. Here are the things you need to know about the board and management members so far.
Starting with the new board of AEDC, five persons were announced as members and headed by a UBA key official, Victor Osadolor.