News
BEDC Management Faults Takeover, Assures Customers Of Continuous Operations
Published
3 years agoon
By
Editor
The management of the Benin Electricity Distribution Company, BEDC Plc, has said that there was no legal basis for the takeover of the company following the purported activation of the call on its collateralised shares by Fidelity Bank.
The company disclosed that all matters relating to the BEDC and Fidelity Bank were subjects for litigation before a competent court, adding that to act outside the court would amount to an illegal act, which the management said would be resisted.
The purported activation seeks to take over the respective Boards of Kano Electricity Distribution Company, Kaduna Electricity Distribution Company and BEDC Electricity Plc (the DisCos) over their inability to repay the loans obtained to acquire majority stakes in the DisCos in furtherance of the 2013 privatisation exercise.
In a statement by the Corporate Affairs Officer, Ibeamaka Odoh, in Benin on Thursday, BEDC noted that “the referenced report also alleges that certain parties have been appointed as Board Members, Independent Directors and Managing Director of BEDC Electricity Plc. We understand these appointments have been communicated to the Bureau of Public Enterprises (BPE) and the Nigerian Electricity Regulatory Commission”.
“There is no contractual, statutory or regulatory basis for such. For the avoidance of doubt, the shares of BEDC have not been given as security to Fidelity Bank or to any other party.
READ ALSO: BEDC Committed To Resolving Customers’ Complaints – CEO, Osibodu
“As we understand it, Vigeo Holdings Limited (VHL – a non-shareholder of BEDC) obtained credit facilities from Stanbic IBTC Bank Limited, Fidelity Bank Plc, and Keystone Bank Plc (the VHL Lenders).
“We further understand that the said credit facilities (and any enforcement action in relation thereto) have in the meantime become subject of litigation in a Court action instituted by VHL and other plaintiffs (the VHL Action) with Suit No: FHC/L/CS/239/22 – Vigeo Holdings Limited and 4 Ors v. Stanbic IBTC Bank Limited, and therefore, subjudice.
“Any attempt by Fidelity Bank and/or BPE to intervene in BEDC in the manner being reported will be illegal, unlawful and will be resisted,” the statement added.
The company urged its customers, investors and partners in the electricity business to ignore the trending reports, while assuring them of continuing smooth operation and that it remained, “focused on its mission to ensure delivery of quality and reliable electricity to the good people of Edo, Delta, Ondo and Ekiti States.”
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News
Idahosa Hosts NBA, Assures Of Government’s Collaboration
Published
9 hours agoon
June 17, 2025By
Editor
Edo State deputy governor, Hon. Dennis Idahosa, has assured of the Governor Monday Okpebholo-led administration’s desire to reduce crime and criminality in the state while also upholding the rule of law.
According to a press statement by Friday Aghedo, the Chief Press Secretary to the deputy governor, Idahosa gave the assurance when he played host to members of the Benin branch of the Nigerian Bar Association (NBA) in Benin on Tuesday.
During the interface with the body of lawyers, also referred to as “Lion Bar,” the deputy governor solicited their collaboration to help rid the state of violent crimes.
“Indeed, the state we met was plagued with security challenges such as kidnapping, cultism and its related issues, and other vices for which the governor needed to take decisive action to address these menaces which plagued society.
READ ALSO:Police Quiz Pastor Paul Adefarasin Over ‘Gun-like Object’ Video
“To the glory of God and with your support, we have done reasonably well at reducing crime in Edo State,” he stated.
He informed the lawyers that their collaboration with the administration would assist at stamping out crimes and criminality and boost investors confidence in the state.
Idahosa also promised the government support to the lawyers in whatever capacity to assist in carrying out their functions efficiently.
Speaking earlier, the Benin NBA branch, Idemudia Osifo, congratulated and commended Governor Okpebholo, his deputy, Dennis Idahosa, on their inauguration and efforts at eradicating security challenges in the state.
READ ALSO: Edo Deputy Governor, Idahosa Preaches Unity As Honour For Martyrs Of June 12
He said the NBA maintained cordiality with the seat of power in order to form a solid partnership geared towards the delivery of dividends of democracy to the people of the state.
He further commended the Okpebholo-led administration for appointing members of the Bar to key positions of his government.
Speaking on the rule of law, Osifo said that the Bar believed that the administration would deliver, especially against the background of swearing in the three judges denied the same action by the immediate past administration
“That singular action showed the willingness of this administration to reposition Edo State in terms of Justice delivery and the rule of law,” he stated.
He expressed the willingness of the Benin Branch of the NBA to support the government to fight crime and criminality
News
Police Quiz Pastor Paul Adefarasin Over ‘Gun-like Object’ Video
Published
10 hours agoon
June 17, 2025By
Editor
The Lagos State Police Command has confirmed that Pastor Paul Adefarasin, founder of the House on the Rock Church, has turned himself in for questioning over a viral video that appeared to show him holding a gun-like object during a roadside encounter.
The Command, in a post shared via its official X (formerly Twitter) account on Tuesday, stated, “No one is above the law!
“Pastor Paul Adefarasin has turned himself in at the Lagos State Police Command Headquarters, Ikeja and is currently being interrogated by detectives who have commenced investigation on the case since a video surfaced online showing the pastor holding a gun-like object against another road user, while driving in an unregistered vehicle.
READ ALSO: Police Foil Kidnap Attempt, Arrest Wanted Man, Others In Ogun
“The outcome of the investigation will be made public.”
The video, which surfaced earlier, shows Adefarasin holding a metallic object while speaking to a passerby who appeared to be recording him.
The clip has since gone viral, with several social media users alleging that the object was a firearm.
Responding to the allegations, Adefarasin in a message to his congregation posted on his verified social media pages, he denied brandishing a weapon.
He described the incident as a misunderstanding.
According to the cleric, the object in question was not a firearm, and at no point was it pointed at anyone.
News
How Trailer Sent To Kill Me Fell Flat, Dented — Iwo Monarch
Published
13 hours agoon
June 17, 2025By
Editor
The Oluwo of Iwo, Oba AbdulRasheed Akanbi, said the trailer that was sent to kill him upon hitting him fell flat and got extremely dented.
The Osun monarch made the revelation while testifying to the power of God in a now-trending video on Tuesday.
READ ALSO: Police Arrest Notorious Cultists Linked To Rivers DPO’s Killing
While Oba Akanbi didn’t give details or the location of the incident, he noted that after the trailer hit him, he saw some angels of God dragging it.
“A trailer that was sent to kill us, hit us and fell flat and extremely dented. It was dragged away by angels of God. Except you do not choose God. Don’t have doubts while trusting God.”
- Idahosa Hosts NBA, Assures Of Government’s Collaboration
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- How Trailer Sent To Kill Me Fell Flat, Dented — Iwo Monarch
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