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Fidelity Bank, Afreximbank take over Benin, Kano DisCos

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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.”

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Metro

Two die as speeding truck, bus collide on Sagamu-Ore Expressway

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Two persons lost their lives while two others escaped unhurt in a road crash involving a truck and a commercial bus at Ogbere Junction along the Ogbere/J4 corridor of the Sagamu/Ore Expressway in Ogun State on Thursday.

The Federal Road Safety Corps said the accident occurred around 5:10 a.m.

The Ogun State Sector Command Public Relations Officer, Afolabi Odunsi, disclosed this in a statement on Thursday, noting that the crash involved a white Mack truck with registration number ABC 660 XC and an orange Peugeot J5 bus with an unknown registration number.

Odunsi said four adult male occupants were involved in the accident, adding that two of them died while the other two escaped without injuries.

He attributed the crash to route violation and excessive speeding.

According to him, the impact of the collision caused the Peugeot J5 bus to burst into flames, leaving its front section completely burnt.

He added that FRSC rescue operatives arrived at the scene within two minutes of receiving the distress call and immediately began rescue and traffic management operations to prevent further accidents.

“Officials diverted traffic to an alternative carriageway to minimise congestion while efforts were made to clear the wreckage from the road,” Odunsi said.

He added that officers of the Nigeria Police Motor Traffic Division, Ogbere Division, evacuated the bodies of the deceased and deposited them at a nearby mortuary.

Reacting to the tragedy, the Ogun State Sector Commander, Corps Commander Oludare Ogunjobi, sympathised with the bereaved families and urged motorists to obey traffic rules to avoid needless loss of lives.

He warned drivers against speeding and route violations, especially during periods of poor visibility and on wet roads, stressing that reckless driving remains one of the leading causes of fatal road crashes across the country.

The FRSC also reaffirmed its commitment to ensuring safer highways through sustained enforcement of traffic laws, public enlightenment campaigns and prompt emergency response to road crashes.

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Bode Market Fire Heartbreaking, Oseni Sympathises with Victims, Seeks Urgent Relief

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The All Progressives Congress (APC) Senatorial Candidate for Oyo South Senatorial District, Hon. Aderemi Oseni, has expressed profound sympathy with traders affected by the devastating fire that ravaged the Bode Traditional Herbs and Other Products Market, popularly known as Iso Alagbo, in Ibadan South-West Local Government Area of Oyo State.

‎The inferno, which broke out overnight into Friday, swept through the bustling market, destroying shops, traditional herbs, medicinal products and other valuable goods worth millions of naira. By daybreak, many traders were left in tears as the fire reduced years of hard work, sacrifice and lifelong investments to ashes.

‎In a statement issued on Friday by his Media Aide, Idowu Ayodele, Oseni, who represents Ibarapa East/Ido Federal Constituency in the House of Representatives and serves as Chairman of the House Committee on Federal Roads Maintenance Agency (FERMA), described the incident as heartbreaking, saying the tragedy had dealt a devastating blow to hardworking men and women whose livelihoods depend on the market.

‎”I received the news of the fire with a heavy heart. My thoughts and prayers are with every trader and family affected by this unfortunate incident. It is deeply painful to imagine that years of dedication, sacrifice and investment could be wiped away within a few hours.

‎”This is more than the destruction of shops and goods. It is the loss of livelihoods, the disruption of family income and the uncertainty of tomorrow for many hardworking people who depend on their businesses for survival. I sincerely share in their pain during this difficult time.

‎”I can only imagine the emotional trauma many of the victims are going through. For many of them, the market is not just a place of business; it is the source of livelihood that sustains their families and secures their future.”, the statement party read.

‎Oseni appealed to the Oyo State Government, the National Emergency Management Agency (NEMA), the Oyo State Emergency Management Agency (SEMA), corporate organisations, philanthropists and other well-meaning Nigerians to urgently come to the aid of the affected traders with financial assistance, relief materials and other forms of support to help them rebuild their businesses.

‎”This is a moment for compassion and collective responsibility. I urge governments at all levels, intervention agencies, corporate organisations and kind-hearted Nigerians to extend a helping hand to these traders. A timely intervention will not only help them rebuild their businesses but will also restore hope to families whose means of livelihood have been suddenly taken away.

‎”Together, we can help these hardworking men and women rise again. I am confident that with the support of government and compassionate Nigerians, they will overcome this painful setback and rebuild stronger”, it added.

‎He prayed that God would comfort the victims, strengthen them to bear the painful losses and grant them the courage to rebuild their lives.

‎”I pray that Almighty God restores the losses of every affected trader, grants them renewed strength and opens doors of greater opportunities for them. May He comfort every family affected by this unfortunate incident and protect our markets from such devastating disasters in the future.”

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Tragedy strikes Lagos-Ibadan Expressway: Five die, eight injured in fiery multiple crash

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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.

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