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.”
It was a night of sorrow and devastation in Ibadan, the Oyo State capital, as a horrific multiple-vehicle crash along the Ibadan axis of the Lagos-Ibadan Expressway claimed at least five lives and left eight others injured in a fiery chain collision involving trucks, tankers, and smaller vehicles.
The accident occurred at about 10:00 p.m. on Friday around the Satguru Maharaji Ji Village axis, just before the Ibadan Toll Gate, throwing the busy highway into chaos as flames and thick smoke engulfed the scene.
The crash involved six trucks, including gas tankers and trailer units, two Toyota Hilux vans, and two cars, according to emergency officials who described it as one of the most severe road accidents in recent times on the corridor.
Eyewitnesses said the tragedy began when one of the trucks reportedly suffered brake failure and rammed into another vehicle ahead of it, triggering a chain reaction that quickly escalated into a multi-vehicle inferno.
In moments, several vehicles were trapped in the blaze, while terrified motorists and bystanders watched helplessly as the fire spread across the expressway.
Eight persons were rescued alive with varying degrees of injuries and were immediately rushed to nearby hospitals for urgent medical attention.
Confirming the incident, the Chairman of the Oyo State Fire Service, Maroof Akinwande, said the crash was caused by brake failure which spiralled into a massive fire outbreak.
“Upon arrival, we discovered that the accident involved six trucks (gas tankers and trailer trucks) and two cars, resulting in a fire outbreak,” he said.
“Five persons were recovered dead, while eight others were rescued and handed over to the team of the Federal Road Safety Corps led by SRC Adegbite from Toll Gate, Ibadan, for further medical attention at the nearest hospital.”
Firefighters eventually brought the inferno under control after hours of operation, while security operatives and traffic officials worked to clear wreckage and restore movement on the busy expressway.
Normalcy has since returned to the road, but the tragedy has left behind a grim reminder of the dangers of mechanical failure and unsafe haulage on Nigeria’s busiest highway.
A deeply disturbing incident has left residents of Daura Local Government Area, Katsina State, in shock after a 20-year-old woman allegedly killed her 97-year-old grandmother during a family dispute.
The Katsina State Police Command confirmed that the tragic incident occurred at about 7:00 p.m. on June 12, 2026, following an argument between the suspect and her paternal grandmother at their residence.
According to preliminary investigations, the disagreement escalated into violence when the young woman allegedly struck the elderly victim on the head with a wooden chair. The blow reportedly left the nonagenarian severely injured and unconscious.
The victim was later discovered in a pool of blood after the suspect’s father reported the incident to the Sabon Garin Daura Police Station. Police operatives immediately rushed to the scene and evacuated her to a nearby hospital for urgent medical attention.
Despite efforts by medical personnel, she was confirmed dead by a doctor shortly after arrival.
The Police Public Relations Officer of the Katsina State Command, DSP Abubakar Sadiq, said the suspect was arrested in the course of investigation and had reportedly made a confession to the crime.
He added that the suspect remains in custody and will be charged to court upon the completion of investigations, assuring that justice would be served in accordance with the law.
The command also appealed for calm among residents, reiterating its commitment to a thorough and transparent investigation into the circumstances surrounding the tragic incident.
No fewer than 20 shops were razed while goods valued at over ₦200 million were destroyed after a midnight fire gutted a shopping complex in the Dugbe area of Ibadan, Oyo State.
The inferno, which started around 11:30 p.m. on Saturday, affected the Nigerian Postal Service shopping complex located beside the Dugbe General Post Office.
Eyewitnesses told our correspondent on Sunday that the fire was allegedly triggered by an accident involving a Lexus saloon car.
According to residents, the driver reportedly lost control of the vehicle while travelling from the Queen’s Cinema axis towards Iyaganku.
The vehicle was said to have rammed into a giant billboard situated in front of the Nigerian Railway Corporation station in Ibadan before somersaulting and splitting into two.
Witnesses said the rear part of the vehicle, reportedly carrying a Compressed Natural Gas tank and back tyres, detached and rolled into the shopping complex, where an explosion occurred, igniting the fire.
The blaze razed about 20 shops dealing in stationery, computer accessories and clothing materials, leaving traders counting heavy losses.
Men of the Oyo State Fire Service were, however, able to prevent the fire from spreading to the General Post Office and adjoining buildings.
The occupants of the Lexus reportedly escaped unhurt.
Although some eyewitnesses alleged that the occupants were heading towards the Ring Road area before the crash, authorities had yet to officially confirm details surrounding their identities and movement as of the time of filing this report.
When our correspondent visited the scene around 8 a.m. on Sunday, firefighters and security operatives were still at the complex battling the aftermath of the inferno as smoke billowed from sections of the affected structure.
Shop owners and residents gathered at the scene, lamenting the destruction of goods and property.
One of the affected traders, Kingsley Chioma, said the Divisional Police Officer in charge of Iyaganku Police Station assured victims that efforts were underway to apprehend the driver.
“We lost goods worth millions of naira to the fire. The DPO assured us that the driver responsible for the incident would be arrested,” Chioma said.
As of the time of filing this report, officials of the Oyo State Fire Service and the police had yet to issue an official statement on the incident.
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