The Interim Board has retaken control of the Benin Electricity Distribution Company (BEDC) after the refusal of the disbanded management to vacate the seat.
The Bureau of Public Enterprises (BPE) said this in a statement , Sunday, signed on behalf of the Director General, Mr. Alex Okoh by the Director, Industries and Services, Mr. Yunanan Malo.
The statement said that Vigeo Holding, the core investors, having defaulted on their loan facilities and having collateralized their controlling shares had lost ownership of the entity.
BPE said that despite the use of non-state actors to disrupt activities of BEDC, the Interim Board has taken control of the finances of the company.
According to him, “The Interim Board already had financial control of the entity and the usage of non-state actors by the former Board and Managing Director to forcefully disrupt the affairs of the entity was unfortunate”.
Mr. Okoh commended the professionalism and actions of the relevant security agencies that supported the operational takeover of the HQ facility in Benin and the reinstatement of operational control of the HQ to the recognized interim Board and Management.
He added that BPE, alongside NERC, would continue to monitor the DiSCO and work with the Ministry of Power and relevant law enforcement agencies to ensure no disruptions to service occur and that the interim Board and Management are allowed to proceed with their work unimpeded.
Recall that restructuring of some five DisCos was announced by BPE and NERC on July 5th, 2022, for the Kano, Kaduna, Benin and Ibadan DiSCO franchises with the banks that gave the core investors stepping in to the Board and the appointment of an interim Management by BPE and NERC to stabilize the entities and avert any operational issues arising.
While the restructuring action in Kano, Kaduna and Ibadan took place peacefully, the Benin DiSCO restructuring had faced disruptions by the investors that were exited.