Metro
Fidelity Bank, Afreximbank take over Benin, Kano DisCos
The federal government says Fidelity Bank Plc has commenced plans to finalise the takeover of Benin, Kano and Kaduna electricity distribution companies (DisCos).
Sanusi Garba, chairman, Nigerian Electricity Regulatory Commission (NERC) and Alex Okoh, director-general, Bureau of Public Enterprises (BPE), said this in a statement on Tuesday.
They said said the action followed the activation of collateralised shares of the DisCos by Fidelity Bank and African Export-Import Bank (Afreximbank).
The regulators also announced the restructuring of two other electricity distribution companies, namely Ibadan Electricity Distribution Company (IBEDC) and Port Harcourt Electricity Distribution Company (PHED).
The statement was titled, “Restructuring of Kano, Benin, Kaduna, Ibadan and Port Harcourt DISCOs”.
“Today, we were informed by Fidelity Bank that they have activated the call on the collateralized 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,” the statement reads.
It said Fidelity Bank’s action was a contractual and commercial intervention, following an agreement between the core investors in the DISCOs and the lender.
“BPE is involved because of the 40% shareholding of government in the DISCOs,” the statement added.
It said Fidelity Bank informed BPE and NERC that the new board members of the Kano DISCo were Hasan Tukur, chairman; Nelson Ahaneku, member and Rabiu Suleiman, member, according to the statement.
Also, KC Akuma, chairman; Adeola Ijose, member and Charles Onwera; member, were said to be new board members for Benin DisCo, while Abbas Jega, chairman; Ameenu Abubakar, member and Marlene Ngoyi, member; as board members of Kaduna DisCos.
The FG said BPE had nominated Bashir Gwandu, Kano; Yomi Adeyemi; Benin and Umar Abdullahi, Kaduna as “independent directors to represent government’s 40% 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,” the statement reads.
“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).”
In the interim, NERC and BPE said they met on an emergency basis and “activated the Business Continuity Process and have appointed interim Managing Directors in the affected DISCOs”.
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They are Ahmad Dangana, Kano DISCo; Henry Ajagbawa, Benin DISCo and Yusuf Usman Yahaya, Kaduna DISCo.
On the takeover of Ibadan DisCo by Asset Management Corporation of Nigeria (AMCON), the BPE said it obtained approval from NERC to appoint Kingsley Achife as the interim managing director.
AMCON took over the IBEDC in January 2022 over insolvency.
“In a temporary capacity, the leadership of AMCON will be a placeholder Board for the Ibadan franchise (Ahmed Kuru as chairman, while Eberechukwu Uneze and Aminu Ismail will serve as members). Oluwaseyi Akinwale will represent the interest of government on the board alongside the DG of BPE,” the statement said.
The statement added that the regulators have also restructured 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. Benson Uwheru will take over as the Managing Director of PHEDC as part of the changes,” it said.
“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.”
Customers of Zenith Bank have taken to social media to voice their frustration over difficulties encountered during online banking transactions.
Reports emerged on Tuesday of challenges related to payments and various features, leading to widespread discontent among users on social media platforms like X.
In a statement shared on X on Saturday, Zenith Bank announced that routine maintenance would commence on September 29 and conclude on October 1, running from 12:01 AM to 5:00 AM. The notice, titled ‘Notice of Routine Maintenance,’ stated, “Please be informed that we are currently undertaking routine maintenance of our Information Technology Infrastructure to enable us to significantly improve the quality of service rendered to you.”
However, customers reported that the maintenance did not begin as scheduled, causing considerable inconvenience.
On Tuesday, October 1, 2024, the bank’s Mobile Banking App, USSD Service, Internet Banking, and Corporate Internet Banking platforms remained unavailable for an extended period, specifically between 12:01 AM and 2:30 PM WAT.
One dissatisfied customer, Adetunji Akeem, expressed his frustration, sharing that he was unable to withdraw money for food and transportation to work, which forced him to borrow from colleagues.
“It is frustrating. I haven’t eaten all day because I wasn’t able to withdraw money today. Zenith said they would be undergoing maintenance on Saturday through a pop-up message on the bank app, but they didn’t start until this morning,” he lamented.
Another customer, Adeleye A. P., known on X as #deji4ever, criticised the bank for not scheduling maintenance during the night, especially at the end of the month when many employees are expecting their salaries.
He tweeted, “The worst bank award should be given to Zenith. Why deny customers transfer privileges to other banks on the last day of the month? It’s a bad business strategy to ensure money doesn’t leave its coffers.”
Dave Oriss, tweeting under the handle #orissonline, echoed similar sentiments, adding, “#ZenithBank, you should keep frustrating your customers. Some have emergencies, and you are busy shifting the time for maintenance.”
Iran fired 200 missiles, including hypersonic weapons, at Israel in a major escalation of the ongoing conflict, state television reported on Wednesday.
The barrage, which Iran claims targeted military bases near Tel Aviv, came as retaliation for the recent killing of Hezbollah leader Hassan Nasrallah by Israeli forces.
This picture shows a projectile flying above the Jordanian capital Amman towards Israel, on October 1, 2024. – Iran’s Revolutionary Guards said a missile attack under way against Israel on October 1 was in response to the killing of Hezbollah chief Hassan Nasrallah last week as well as that of the Hamas leader. (Photo by Khalil MAZRAAWI / AFP)
Iran’s Islamic Revolutionary Guard Corps (IRGC) confirmed the missile launches, stating that “90 percent” of the projectiles hit their intended targets, which included three military bases.
The footage of the missile strikes was broadcast on Iranian media, showing a significant show of force by Tehran.
This picture taken from the West Bank city of Hebron shows projectiles above the Israeli city of Ashdod on October 1, 2024. (Photo by HAZEM BADER / AFP)
The Israeli military countered that 180 missiles had been fired into their territory, with most being intercepted by Israel’s advanced defense systems.
Despite the intercepts, the attack marks the first reported use of hypersonic missiles by Iran against Israel.
This picture shows projectiles being intercepted by Israel above Jerusalem on October 1, 2024. (Photo by Menahem Kahana / AFP)
Hypersonic missiles, capable of traveling at speeds of up to 15 times the speed of sound, pose a unique threat due to their low-altitude flight path and ability to evade conventional missile defenses.
Iran unveiled this advanced missile technology in June 2023, with then-president Ebrahim Raisi proclaiming it as a cornerstone of Iran’s deterrence capabilities, designed to maintain peace and stability in the region.
Israeli Prime Minister Benjamin Netanyahu responded swiftly to the attack, warning that Tehran had made a “big mistake.” He vowed to make Iran “pay” for the strikes, further raising tensions in an already volatile situation.
Fire erupts between Ben Gurion International Airport near Tel Aviv and the city of Modiin following an Iranian missile attack, on October 1, 2024. Iran’s Revolutionary Guards said a missile attack under way against Israel on October 1 was in response to the killing of Hezbollah chief Hassan Nasrallah last week as well as that of the Hamas leader. (Photo by Ahmad GHARABLI / AFP)
In Washington, the United States indicated that it was discussing a joint response with Israel.
Meanwhile, Iran’s chief of staff issued a stern warning that Tehran would strike key Israeli infrastructure if Iran’s territory were attacked in retaliation. The region now braces for potential further escalation amid growing fears of a broader conflict.
No fewer than 60 bodies have been recovered following a tragic boat accident in Niger State, officials confirmed.
According to a statement released by Abubakar Dakani, Press Secretary to the Chairman of Mokwa Local Government, the boat was carrying over 300 passengers when it capsised at the notorious Gbajibo River in Mokwa Local Government Area yesterday evening.
Dakani disclosed that the ill-fated boat was en route from Mundi to Gbajibo for the Annual Maulud celebration when the disaster occurred.
The Chairman of Mokwa Local Government, Abdullahi Muregi, acknowledged the recovery of about 60 bodies and confirmed that 10 survivors have been found so far. Rescue operations, involving the State Emergency Management Agency and local volunteers, are ongoing in a bid to recover the missing passengers.
This incident brings painful memories of a similar boat tragedy in September 2023, when a boat carrying over 50 passengers capsized, killing 24 people who were traveling to their farms for harvest.
Authorities have expressed concerns about the recurring boat accidents in the region, calling for urgent measures to improve safety on the waterways.
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