• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Monday, August 4, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

BPE, NERC Restructure Kano, Benin, Kaduna, Ibadan, PH DisCos

... Appoints interim MDs As Fidelity, Afreximbank take over

by Nse Anthony - Uko
3 years ago
in Business, Cover Stories
NERC
Share on WhatsAppShare on FacebookShare on XTelegram

 The Bureau of Public Enterprises (BPE) and the Nigerian Electricity Regulatory Commission (NERC) yesterday announced the restructuring of Kano, Benin, Kaduna and Port Harcourt Distribution Companies (DisCos)

A statement jointly signed by NERC executive chairman, Sanusi Garba and BPE director general, Alex A. Okoh said the restructuring was following the activation of collateralised shares of the DisCos by Fidelity Bank and AFREXIMBank

Advertisement

“In the interim, NERC and BPE met on an Emergency Basis and activated the Business Continuity Process and have appointed interim Managing Directors in the affected DISCOs.

* Kano Disco – Ahmad Dangana ;Benin Disco – Henry Ajagbawa; Kaduna Disco– Yusuf Usman Yahaya

“We were informed by Fidelity Bank that they have activated the call on the collateralised shares of Kano, Benin and Kaduna (Fidelity and AFREXIM) DISCOs and that they have initiated action to take over the Boards of these DISCOs and exercise the rights on the shares.

‘Fidelity Bank’s action is a contractual and commercial intervention and is between the Core Investors in the DISCOs and the lender.

RELATED

VitalSwap Unlocks Global Revenue Channels For African Remote Workers

VitalSwap Unlocks Global Revenue Channels For African Remote Workers

8 hours ago
Presco Lauds 2024 Staff’s Performance, Explains 2025 Agenda

Presco Grows Pre-tax Profit By 121.8% To N111.9bn

15 hours ago

“BPE is involved because of the 40 per cent  shareholding of government in the DISCOs. Fidelity Bank has informed us that the new Board members of the affected DISCOs will be as follows: Kano DISCO: Hasan Tukur (Chairman), Nelson Ahaneku (Member), Engr. Rabiu Suleiman (Member); Benin DISCO: KC Akuma (Chairman), Adeola Ijose (Member), Charles Onwera (Member); Kaduna DISCO: Abbas Jega (Chairman), Ameenu Abubakar (Member), Marlene Ngoyi (Member)”

“BPE has nominated Bashir Gwandu (Kano), Yomi Adeyemi (Benin), and Umar Abdullahi (Kaduna) as independent Directors to represent Government’s 40 per cent interest in the three DISCOs respectively, during this transition.

“We are engaging with the Central Bank of Nigeria (as the banking sector regulator) to ensure an orderly transition and to ensure that Fidelity Bank does not hold the DISCOs’ shares in perpetuity. It is envisaged that the majority interest in the entities would be sold to capable private sector investors willing and able to re-capitalize and manage the entities efficiently. We have also received assurances that Fidelity Bank will participate fully in all the ongoing market initiatives aimed at improving the sector (e.g. National Mass Metering Program).

Also, with the takeover of Ibadan DISCO by AMCON, the BPE has obtained approval from NERC to appoint Kingsley Achife as the interim Managing Director.

In a temporary capacity the leadership of AMCON will be a placeholder Board for the Ibadan franchise (Ahmed Kuru – Chair, Eberechukwu Uneze – Member, Aminu Ismail – Member). Oluwaseyi Akinwale will represent the interest of Government on the Board alongside the DG of BPE.

Lastly, we are re-structuring the Management and Board of Port Harcourt DISCO to forestall the imminent insolvency of the entity. As a condition for support to the entity to meet its market obligations, Iboroma Akpana will take over as the Chairman of the Board. Emmanuel Okotete, Eyo Ekpo, Ismaila Shuaibu and the DG of BPE will form the interim Board. Mr. Benson Uwheru will takeover as the Managing Director of PHEDCas part of the changes. Government will support the activation of Emergency funds through the Nigerian Electricity Market Stabilization Facility to support the entity while it goes through restructuring and repositioning to serve the citizens of the franchise area better.

We are working with the Honourable Minister of Power to ensure no service disruptions during these transitions. We remain committed to supporting the Nigerian Electricity Supply Industry to serve Nigerians better,” the statement read.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




Tags: NERC
SendShareTweetShare
Previous Post

Banditry: Katsina Govt Shuts 69 Primary Healthcare Facilities

Next Post

PDP Says No Plan To Buy Votes In 2023 Elections

Nse Anthony - Uko

Nse Anthony - Uko

You May Like

VitalSwap Unlocks Global Revenue Channels For African Remote Workers
Business

VitalSwap Unlocks Global Revenue Channels For African Remote Workers

2025/08/03
Presco Lauds 2024 Staff’s Performance, Explains 2025 Agenda
Business

Presco Grows Pre-tax Profit By 121.8% To N111.9bn

2025/08/03
Nigerian Breweries Records N106bn Net Loss
Business

Nigerian Breweries Records N738.14bn Revenue

2025/08/03
‘95,000 Women, Children Die Annually From Charcoal Smoke’
Business

Charcoal Trade Threat To Forest Sustainability, Livelihood – FG

2025/08/03
Shippers’ Council Condemns Vandalism, Theft Of Rail Tracks
Business

Shippers’ Council Seeks Abia Govt. Support On Isiala Ngwa Inland Dry Port Revival

2025/08/03
Use Existing Frameworks To Bridge Metering Gap, NERC Tells Distribution Firms
Business

NERC Transfers Regulatory Oversight Of Electricity Market In Nasarawa State To NASERC

2025/08/03
Leadership Conference advertisement

LATEST

‘Obi’s 6m Votes Will Vanish If He Joins Atiku’, Says Tinubu’s Minister

‘You’ve Written Your Names In History,’ Tinubu Celebrates Victorious D’Tigress

‘A Golden Chapter For Nigeria’, Remi Tinubu Celebrates D’Tigress

Bandits Kill 11 Residents In Zamfara Villages

N712bn Lagos Airport Renovation Misplaced Priority — ADC

Federal Gov’t To Recoup N712bn Lagos Airport Renovation Spending In 3 Years Keyamo

JUST-IN: Nigeria’s D’Tigress Clinch 5th Consecutive FIBA Women’s AfroBasket Title

‘We Are Rebuilding Lagos Airport To Become West Africa’s Aviation Hub,’ Says Federal Gov’t

Ex-Katsina Central Senator Dumps APC For ADC

North Not Marginalised Under Tinubu, Kaduna Gov Insists

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.