BPE meets Abuja Disco investors over board changes

The Bureau of Public Enterprises (BPE) has invited the shareholders of Abuja Electricity Distribution Company (AEDC) to a meeting at its office in Abuja, today.

Daily Trust learnt that the meeting is to strengthen the ongoing reform process at the company as the foremost of the 11 Distribution Companies (DisCos) privatised in 2013.

The Head, Public Communications at BPE, Amina Tukur Othman, has not responded to our enquiries on the expectations from the meeting slated for today.

The DisCo is jointly owned by core investors under the consortium, KANN Utility Limited (60 per cent stake) and the federal government (40 per cent stake, being held by BPE).

KANN Utility has two investors namely, Xerxes Global Investment Limited and CEC Africa Limited. The DisCo has a seven-member board that has the Director General of BPE as a member, representing the federal government.

While Amb. Shehu Malami, owner of Xerxes Global Investment, is the AEDC chairman while Mr Siyanga Malumo, owner of CEC Africa Limited is the Vice Chairman of AEDC.

Recently, the company announced changes in the board, introducing some other officials into it. This weekend, it also made an announcement on key management changes that include filling the post of the Executive Director, Corporate Services, after the exit of Engr. Abimbola Odubiyi whose tenure ended two weeks ago.

While it split some positions like that of Chief Finance Officer, it downgraded another -Chief Information Officer – which will now be headed by a general manager.

AEDC also renewed the contract of some officials that were already marked for exit as their terms ended.

While Xerxes had in a statement dismissed the changes at the board, saying he was not privy to it, CECA said the changes were effected legally with every legal instrument to back it, including a court order and the Corporate Affairs Commission (CAC) documents.

Source: Daily Trust