NERC Backs New BEDC Board, Disowns Disco’s Erstwhile Management

The Nigerian Electricity Regulatory Commission (NERC) has reiterated its support for the takeover of the Benin Electricity Distribution Company (BEDC) by its creditor bank, disowning the recent actions taken by the former management of the firm.

NERC insisted that it has a statutory responsibility to the electricity market, adding that the duty, which is exercised in the public interest outweighs any perceived private interests.

In a statement, the regulator alerted the general public to note that the interim board comprising of Messrs Henry Ajagbawa, K.C Akuma, Adeola ljose, Charles Onwera and Yomi Adeyemi remain the only directors of BEDC recognised by the commission.

“All stakeholders and members of the general public are enjoined to provided the required support to the interim board of directors as they work on ensuring continuity of service to end-use customers in the BEDC network area,” NERC stated.

It added that the public notices signed by one Mr. Lucky Ayomoto purportedly acting on behalf of the erstwhile board/management of the BEDC were not recognised by the commission. Recalling that the BEDC is jointly owned by private investors with Vigeo Power Ltd holding an equity of 60 per cent and 40 per cent being held by the Bureau of Public Enterprises (BPE) on behalf of the federal and state governments, it added that in the light of a default in servicing the said loan, Fidelity bank has exercised its rights to repossess the shares that were provided as security for the acquisition loan.