December 1, 2022



Board composition of BEDC, 4 others in order- NCP

The Nationwide Council on Privatisation (NCP) Wednesday acknowledged that the Board composition of each BEDC and the opposite 4 (4) DisCos was concluded on the fifth July, 2022, three (3) days earlier than the purported Court docket Order.

That is in response to an Interim Order of the Federal Excessive Court docket dated eighth July, 2022, in respect of a Go well with between Vigeo Energy Restricted vs. Constancy Financial institution Plc and seven Others over the Board composition of Benin Electrical energy Distribution Firm (BEDC).

The Director Normal of the Bureau of Public Enterprises (BPE) the secretariat of the NCP, Alex Okoh, in a press release mentioned, “Following this unlucky improvement, it has develop into crucial for Council to coach each the employees of BEDC and the general public; notably these throughout the BEDC franchise space comprising Edo, Delta, Ondo and Ekiti states of the steps taken by the federal authorities relating to the Board composition of the varied Electrical energy Distribution Corporations throughout the nation which had been concluded on the fifth of July, 2022 and revealed/aired within the print and digital media throughout the nation and certainly the globe.”

In keeping with the assertion: “Constancy Financial institution knowledgeable Council, vide its Secretariat, the Bureau of Public Enterprises, that they’ve activated the decision on the collateralised shares of Vigeo Energy Restricted in BEDC.

“Constancy Financial institution’s motion is a contractual and business intervention between the Core Investor (Vigeo Energy Restricted) and the lender. BPE is concerned due to the 40% shareholding of the Authorities within the BEDC.

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“Federal Authorities, with a view to safeguard the business and likewise assist the Market Stabilization by way of restructuring and repositioning to serve the residents of the franchise space higher, determined to nominate a brand new Board for BEDC comprising the next:

a. KC Akuma (Chairman),

b. Adeola Ijose (Member),

c. Charles Omoera (Member),

d. Yomi Adeyemi (Member),

e. DG (BPE) (Member), and

f. Henry Ajagbawa (Managing Director).”

He mentioned authorities would work to make sure no service disruptions throughout these transitions.