Crisis rocks AEDC over board composition
There were indications Friday that a fresh crisis in the Board of the Abuja Electricity Distribution Company, AEDC, barely 24 hours after new members were named.
Some officials of the dissolved Board, including the chairman, Amb Shehu Malami, said the recent meeting where a decision was reached to appoint new members was illegal.
According to a letter by the old Board members, only Malami can call for a meeting. However, he did not authorise that, and there was the absence of the Bureau of Public Enterprises, BPE, the representative of the Federal Government’s 40 per cent share in the DisCo.
On Friday, CECA Limited, one of the core investors in KANN Utility Company, which acquired the AEDC, issued a statement confirming a change in the Board.
The two companies that make up KANN are Xerxes Global Investment, fronted by Amb Malami, the AEDC chairman; CEC Africa Limited, fronted by Mr Siyanga Malumo, the AEDC vice chairman.
According to the statement, the old and pioneer Board of the AEDC and investors in KANN had jointly agreed in their recent meeting to have new members.
Those named to the new board include; Joseph Makoju, a former NEPA/PHCN head; Ibrahim Aliyu, chairman of the North South Power (Shiroro Hydropower plant), and Olubunmi Peters, CEO of North South Power.
It is expected that KANN would kick-start the process to regularise the new Board listing with the Corporate Affairs Commission (CAC) to effect the decision for the change.