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BEDC Management Faults Takeover, Assures Customers Of Continuous Operations

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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.

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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).

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“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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Coastal Highway: DStv, GOtv Customers To Experience Service Disruptions

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DStv and GOtv customers in Nigeria have been notified to expect disruption in service from Sunday, May 5, to Tuesday, May 7, due to the ongoing construction project on the Lagos-Calabar Coastal Highway.

In a notice shared on social media on Friday, DStv assured customers that its technical team will be working to relocate its facility and minimise service disruptions during the process.

The statement read, “Our uplink facility will be impacted by the ongoing Lagos-Calabar Coastal Road construction project. As a result, we are forced to relocate.

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READ ALSO: Stock Market Review: FBN Holdings Leads 41 Others As Investors Gain N811bn

“From Sunday, May 5, 2024 to Tuesday May 7, 2024, our technical team will be working tirelessly to relocate and minimise disruptions during the exercise.

“We appreciate your patience and understanding during this period and remain dedicated to delivering the quality service and support you expect from DStv and GOtv.”

The PUNCH reports that demolition for the 700km Lagos-Calabar Coastal Highway commenced on Monday.

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According to the Minister of Works, David Umahi, the duration of the construction is eight years, and it will be constructed for N15trn.

 

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12 Years After: Ex-Eagles, Fans Celebrate Late Yekini

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Former Super Eagles players and football enthusiasts on Saturday paid tribute to Nigeria’s all-time top scorer, Rashidi Yekini, 12 years after he passed on at 48 after a protracted illness, The PUNCH reports.

The late Yekini was reportedly kidnapped shortly before he passed away, and the cause of his death is still unclear.

Despite his sad ending over a decade ago, there is pride in the achievements of the 1993 African Footballer of the Year, yet sadness at his death and anger at the way he had been treated by the government and football authorities.

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Super Eagles coach George Finidi, who made an assist for the late Yekini to score against Bulgaria at the 1994 World Cup in the USA, Nigeria’s first goal in the history of the tournament, said he still feels sad over his untimely death.

READ ALSO: Stock Market Review: FBN Holdings Leads 41 Others As Investors Gain N811bn

“His passing was sad for everyone,” Finidi said in an exclusive chat with Sunday Punch.

“Over the years, I have spoken about him, our connection on the field, and what he did for Nigeria as a player. May his soul rest in peace.”

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Former Eagles coach and captain, Sunday Oliseh, a teammate of Yekini, also said his legacies will always be a benchmark for emerging Nigerian players.

The late Yekini deserves to always be remembered for all he did for our country,” Oliseh told The PUNCH.

“He gave his all to our country, and his exploits are there for us all to see for others to emulate and learn from. May his soul continue to rest.”

“Yekini is definitely one of the best African players and legends to ever walk this earth. Rashidi was full of pace, had a superb shot, could jump very high, and was calm in front of goal. Above all, he was a very loveable person once you got to know and understand him.”

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READ ALSO: We’ve Earmarked N1bn Naira Monthly To Feed Edo People – Obaseki

Ace journalist Oluwashina Okeleji also took to his X handle to eulogise the former Victoria Setubal striker.

Today (Saturday) marks the 12th anniversary of Rashidi Yekini’s death.

“Football lost 1993 African Footballer of the Year Rashidi Yekini at the age of 48. He was Nigeria’s top scorer with 37 goals in 58 games. There was pride in his achievements, sadness at his death, and anger at the way he was treated by some.”

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His former club, Gateway United, also joined other Nigerians in celebrating the legacy of Yekini.

Reflecting on Yekini’s illustrious career and his brief stint with Gateway United in 2005, the club’s acting general manager, Niyi Soleye, said, “Rashidi Yekini was not only a prolific goal scorer but also a gentleman that was respected by teammates and opponents alike. His 37 goals for Nigeria remain unmatched, a testament to his talent and dedication.”

READ ALSO: PHOTOS: Meet Top 10 Highest Goal Scorers In AFCON History

Soleye fondly recalled Yekini’s time at Gateway United, describing it as a pivotal moment for the club and their supporters.

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I vividly remember his arrival like it was yesterday. As club secretary then, it was an honour to witness such a calibre of player joining us. He seamlessly adapted to our style, boosting morale both on and off the pitch.”

“While his passing in 2012 under controversial circumstances was tragic, his legacy continues to inspire future Nigerian footballers.”

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We’ve Earmarked N1bn Naira Monthly To Feed Edo People – Obaseki

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Governor Godwin Obaseki of Edo State, says his administration has earmarked nothing less than N1bn Naira monthly to feed vulnerable Christians in the state in the next three months.

This is as he said a similar programme has been mapped out for people in the Muslim faith in the state.

Obaseki disclosed this during the official flag-off of phase one of Edo State Food Support Programme also known as Christian Feeding Programme in Benin City.

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The Governor, who said he was worried by the rising number of people who cannot afford a square meal in a day in the state, said he had to call Christian leaders in the state on how best to address the alarming situation.

READ ALSO: Stock Market Review: FBN Holdings Leads 41 Others As Investors Gain N811bn

Obaseki said in order not to make it look political, he decided not to involve political office holders, but Christian leaders in reaching out to vulnerable Christians in the state.

The Governor who added that the state government already had data of the vulnerable in the state database, said the means of reaching out to them maximally was the issue, hence using churches to reach out to them.

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He said: “I was worried by the rising number of people who cannot afford a square meal in a day. So, I thought to myself how do we solve this problem. This is not politics I told myself.

“I then called the chairman of Christian Association of Nigeria (CAN) and some of the blockheads to a meeting and explained to them what I intended to do. So, that’s how we put our heads together to come up with this programme.”

READ ALSO: Police Bar Lawyers From Reaching Journalist Allegedly Detained On IGP’s Orders

Obaseki added: “I told them this is the amount of money I will be giving you every month. I’ll give you a billionaire monthly for three months first. At least, Let us try this for the first three months.”

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The governor said the programme was not just to feed the vulnerable, but also together more data about people in the state on how the government can create employment for them and how the government can render help where necessary.

Earlier, in his remarks, Chairman of the Organising Committee who also doubles as the Chairman, CAN,
Apostle Irekpono Omoike, while thanking the governor for the initiative, said 10kg of 60,000 bags of rice have been purchased for onward distribution to the three senatorial districts in the state.

According to him, 27,000 bags of the 10kg would be distributed to the seven local government areas in Edo South, 15 bags to Edo Central and 18 bags to Edo North.

Further giving the breakdown, Omoike said 3, 000 bags would be distributed to each local government across the 18 local government areas, summing upto 54,000 bags, while the remaining 6,000 bags would be distributed to churches not captured under CAN.

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