Benin, Discos, Government, Ministry of Power, NERC, Regulation

“Take Over Can’t Happen” – Benin DisCo, Set to Resist Sack of Board & Management

Posted: July 7, 2022 at 8:36 am   /   by   /   comments (0)

The management of Benin Electricity Distribution Company, BEDC, has described the reported sack of her Board and Management by the Bureau of Public Enterprises (BPE) and Nigeria Electricity Regulatory Commission (NERC) following Fidelity Bank recall of facility as unlawful, illegal and of no basis.

According to the release by BEDC Management posted on its Twitter platform on Wednesday, July 6, “…there is no legal basis whatsoever for the alleged action by Fidelity Bank as it relates to BEDC, as the acquisition facility in question was not taken by BEDC, and neither have the shares in BEDC been given as security to Fidelity Bank or any other person”.

The management further states that any attempt by Fidelity Bank and or BPE to intervene in BEDC in the manner being reported was not only unlawful, but illegal and therefore would be resisted with the law.

In explaining the status of the facility, the management said the loan in question granted by a consortium of banks including Stanbic IBTC, Fidelity Bank, and Keystone Bank to Vigeo Holdings Limited has been a subject of litigation in court. Vigeo Holdings Limited is the core investor in Benin Electricity Distribution Company with 60% equity. The balance 40% equity belongs to the Federal Government.

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