Metro
Fidelity Bank, Afreximbank take over Benin, Kano DisCos
Published
4 years agoon
By
MegaIconThe 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”.
Advertisement
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.”
Related
Suspected kidnappers on Wednesday night shot a tomato farmer, Daniel Adesida, and abducted his wife during an attack on their residence along Oda Road in Akure, the Ondo State capital.
The incident reportedly occurred around 8:45 p.m., when the gunmen invaded the residence and attempted to whisk away the farmer’s wife.
Sources said Adesida sustained a gunshot injury to his right hand while trying to resist the attackers, who eventually escaped with his wife.
Confirming the incident, the Police Public Relations Officer of the Ondo State Command, Abayomi Jimoh, said police operatives swiftly responded after receiving a distress call.
According to him, officers mobilised to the scene, rescued the injured victim and ensured he received medical attention.
“Upon receiving the distress call, police operatives swiftly mobilised to the scene, ensured the injured victim was rescued and taken to the police clinic for medical attention, and secured the area,” Jimoh said.
He added that the Commissioner of Police in the state, Adebowale Lawal, had ordered an immediate manhunt for the fleeing suspects.
“The Commissioner of Police has ordered intensified patrols, bush combing operations and intelligence gathering within the affected area and adjoining communities with a view to apprehending the fleeing suspects,” he stated.
Jimoh assured residents that efforts were ongoing to rescue the abducted woman and bring the perpetrators to justice.
He also urged members of the public to remain vigilant and promptly report suspicious movements or individuals to the nearest police station.
Related
Metro
Gunmen Abduct Three Factory Workers in Ibadan
Published
6 days agoon
February 28, 2026By
adminThree workers of a concrete block factory were on Friday morning abducted in the Olojuoro area of Oluyole Local Government Area, Oyo State.
The victims were said to be staff of a concrete block industry owned by Prince Jelili Oyetunde, located within the council area.
Sources told our correspondent that the workers — identified as Adekola Muidini Asanti, Yinka and Saheed — were kidnapped at gunpoint inside a nearby canteen where they had gone to take breakfast before resuming work for the day.
Speaking with journalists on Saturday, the factory owner, Prince Oyetunde, said Closed Circuit Television footage captured the moment the assailants carried out the abduction.
He alleged that the suspected abductors are Baale Alimi Yusuf, Tunde Lawal, Saheed Olawoyin, Ibrahim Shittu and Sule Adigun.
Oyetunde further alleged that one of the suspects carted away a bag belonging to the factory manager during the operation.
He added that both he and the suspected abductors were scheduled to appear before the Oyo State Anti-Land Grabbing Agency next Wednesday, March 4, over a related dispute.
The businessman disclosed that the incident had been reported to the police.
According to him, the Divisional Police Officer in charge of Sanyo Police Station confirmed that the abductors allegedly took the victims to the station and were instructed to release them.
He, however, lamented that the whereabouts of the workers had remained unknown since they reportedly left the station.
“We have visited police stations within Oluyole Local Government and made announcements on different radio stations, but as of this morning, their whereabouts remain unknown,” Oyetunde said.
Related
Metro
Seven journalists die in Gombe auto crash
Published
2 months agoon
December 30, 2025By
adminThe Nigeria Union of Journalists has been thrown into mourning following the death of seven journalists in a fatal road accident in Gombe State.
The journalists reportedly died on Monday while returning from the wedding ceremony of a colleague held in Kaltungo Local Government Area of the state.
Findings revealed that the accident occurred after a tyre burst on the bus conveying the journalists, leading to a loss of control and a fatal crash.
Confirming the incident, the Gombe State Sector Commander of the Federal Road Safety Corps, Samson Kaura, said seven persons died in the crash, while four others sustained varying degrees of injuries.
Kaura added that the injured victims were rescued from the scene and taken to medical facilities for treatment.
The Director-General, Government House Press and Media Affairs, Ismaila Misili, also confirmed the death toll, describing the incident as tragic and devastating to the state’s media community.
Reacting, the National President of the NUJ, Alhassan Yahya, in a statement, expressed deep sorrow over the deaths, describing the incident as a huge loss to the journalism profession in Gombe State and Nigeria at large.
Yahya said the deceased journalists were dedicated professionals who served the public with courage, integrity and professionalism.
“They were committed practitioners who served the public with courage, integrity and professionalism. Their loss has left an irreplaceable void in our noble profession,” he said.
The NUJ president also expressed the union’s solidarity with the families of the deceased and members of the Gombe State media community.
“We pray that Almighty God grants eternal rest to the souls of the departed and gives their loved ones the fortitude to bear this painful loss,” he added.
Yahya, speaking on behalf of the National Executive Council and journalists across the country, extended condolences to the Gombe State Council of the NUJ, as well as friends and colleagues of the victims.
He further said the tragic incident highlighted the need for improved road safety measures and responsible driving to prevent avoidable loss of lives, especially among journalists who frequently travel in the course of their duties.
Related
Advertisement
Entertainment
Adekunle Gold, Simi welcome twins
Ayefele drops new album, Reflections
Reggae Legend, Jimmy Cliff, Dies At 81
Photos: Davido blows $3.7m on lavish Miami white wedding for Chioma
FAAN probes K1 for spilling alcohol on airport officer during boarding
Odunlade Adekola loses father
MegaIcon Magazine Facebook Page
MEGAICON TV
Advertisement
Trending
-
Politics3 days agoIbarapa East Assembly Hopeful, Ramon Congratulates Ajiboye, Says Emergence Good for Oyo APC
-
Politics1 week agoMakinde: My Successor Must Be Loyal to Oyo, Not Me
-
Politics4 days ago2027: Former Oyo Deputy Governor Adeyemo Emerges APC Chairman (See Full List)
-
News3 days agoNERC orders DisCos to refund ₦20.33bn meter costs to customers