The Abuja Electricity Distribution Company (AEDC) has dismissed its erstwhile acting CEO, Victor Ojelabi, and appointed Chijioke Okwuokenye as the acting managing director, to replace him with immediate effect.
This is coming one week after the Federal Inland Revenue Service (FIRS) sealed its headquarters over alleged tax payment default.
This decision also follows the planned suspension of AEDC by the Transmission Company of Nigeria (TCN) for non-compliance, raising concerns about potential blackouts across Abuja and surrounding states.
The new acting MD is expected to address the ongoing financial and operational challenges facing the company.
The appointment, which is part of the transformation agenda of the AEDC, will see Engr. Okwuokenye drives the positioning of AEDC as the foremost, customer-focused electricity distribution company in the Nigerian power sector, the utility company said in a statement signed by head, Marketing and Corporate Communications, AEDC, Adefisayo Akinsanya.
Prior to his appointment, he served as the company’s chief operating officer, where he oversaw strategic support units and embedded generation projects of the company. He brings to the role a wealth of experience and expertise in the power sector, as well as a passion for the attainment of the vision for the Nigerian electricity supply industry.
Speaking on the appointment, the Chairman of the Board of Directors, Dr. Stanley Lawson, said, “Okwuokenye is an experienced leader who has been a part of the company’s transformation agenda and is well suited to drive its corporate turnaround. I am confident that, with his technical and commercial background, he will continue to drive value for all AEDC stakeholders”.
The company also announced the appointment of Olumide Jerome as the chief operating officer.
Prior to this, he served as one of the company’s chief business officers. He will drive efficiency and operational excellence across the company as part of his new responsibilities.
LEADERSHIP checks reveal that officials from the FIRS, accompanied by some policemen last week Monday stormed the headquarters of the AEDC, and sealed the offices for over 24 hours.
Also the TCN issued a suspension notice to AEDC and threatened to disconnect it from the national grid over alleged non-compliance with market rules. According to TCN, the distribution company had failed to provide the market operator with an adequate bank guarantee as required by Section 15.3.3 of the market rules.
TCN gave AEDC a deadline of five business days from July 22, 2024 to remedy the situation by providing the necessary bank guarantee. If AEDC fails to comply within this period, its network will be partially or totally disconnected from the grid on July 28, 2024 at 12am.
The disconnection will affect 33kV feeders from the 132/33kV Katampe 1 and Central Area transmission stations, mainly in the Abuja region. AEDC serves Niger, Kogi, Nasarawa states and the FCT.
If the default is not cured within 30 business days after the disconnection, TCN will terminate AEDC’s market participation agreement.
AEDC is an electricity distribution company in Nigeria, committed to delivering dependable electricity to millions across the nation’s key commercial centres – Federal Capital Territory (Abuja), Kogi, Niger, and Nasarawa states.
In May 2023, a Transcorp-led consortium, became the core investor in AEDC, following its 60 per cent acquisition of the company’s shares. Since this strategic acquisition, the company has intensified efforts to upgrade substations, expand distribution networks, and integrate cutting-edge technologies, to enhance power supply reliability and operational efficiency. AEDC prioritises customer experience and consistently strives to create value for all stakeholders, while contributing to the socioeconomic development of the regions it serves.
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