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NERC Constitutes New Board For BEDC, Says It Has Power To Regulate Distribution Companies
The Nigerian Electricity Regulatory Commission, NERC, has affirmed the new Board of Directors and Management of the Benin Electricity Distribution Company, BEDC, headed by Henry Ajagbawa
The NERC in a statement issued on Thursday, September 1, 2022, reiterated that the BEDC “is a distribution licensee of NERC and by virtue of powers vested in the Commission by the Electric Power Sector Reform Act (“EPSRA”), regulatory instruments issued pursuant to EPSRA and the terms and conditions of the licence issued to BEDC; NERC is the primary authority that is vested with powers to statutorily recognise the board/management of BEDC as an operator in the Nigerian Electricity Supply Industry (NESI)”.
The Commission stated that the BEDC is a jointly owned venture with Vigeo Power Ltd holding an equity of 60% and 40% being held by BPE on behalf of the Federal and State Governments.
The statement disclosed that “One of the shareholders in Vigeo Power Ltd, Vigeo Holdings Ltd, subscribed to its shares vide a loan from Fidelity Bank Ltd”, adding that “In the light of a default in servicing the said loan, the bank has exercised its rights to repossess these shares that were provided as security for the acquisition of the loan”.
READ ALSO: BEDC Management Faults Takeover, Assures Customers Of Continuous Operations
NERC stressed that “the interim board comprising of Messrs Henry Ajagbawa, K.C Akuma, Adeola ljose, Charles Onwera and Yomi Adeyemi are the only directors of BEDC recognised by the Commission”.
The full text of the statement reads:
“The attention of the Nigerian Electricity Regulatory Commission (“NERC” or the “Commission”) has been drawn to public notices signed by Mr. Lucky Ayomoto purportedly acting on behalf of the board/management of BEDC Electricity PlC (“BEDC”).
“The public notices published on 9 August 2022 sought to reassure the general public on the legitimate and statutorily recognised board of directors/management of BEDC and described the appointment of Messrs Henry Ajagbawa, K.C Akuma, Adeola ljose, Charles Onwera and Yomi Adeyemi as directors of BEDC as an “unlawful misrepresentation and unfortunate misadventure”.
“BEDC is a distribution licensee of NERC and by virtue of powers vested in the Commission by the Electric Power Sector Reform Act (“EPSRA”), regulatory instruments issued pursuant to EPSRA and the terms and conditions of the licence issued to BEDC; NERC is the primary authority that is vested with powers to statutorily recognise the board/management of BEDC as an operator in the Nigerian Electricity Supply Industry (“NESI”).
“The general public may wish to note that BEDC is jointly owned by private investors with Vigeo Power Ltd holding an equity of 60% and 40% being held by BPE on behalf of the Federal and State Governments. One of the shareholders in Vigeo Power Ltd, Vigeo Holdings Ltd, subscribed to its shares vide a loan from Fidelity Bank Ltd. In the light of a default in servicing the said loan, the bank has exercised its rights to repossess these shares that were provided as security for the acquisition loan.
“Upon repossession of shares of Vigeo Holdings Ltd by the bank, an application was filed by the Banks and the Bureau of Public Enterprises (“BPE”) with the Commission for the approval of an interim board of directors and management for BEDC in compliance with NERC’s business continuity arrangements for licensees.
READ ALSO: BEDC Committed To Resolving Customers’ Complaints – CEO, Osibodu
“The Commission reviewed and approved Messrs Henry Ajagbawa, K.C Akuma, Adeola liose, Charles Onwera and Yomi Adeyemi as interim board of directors for BEDC with Mr. Henry Ajagbawa as Managing Director.
“The Commission notes that the erstwhile management of BEDC challenged the appointments in court after the regulatory and shareholder interventions had been completed.
“The actions taken by the contending parties for the control of BEDC has been primarily unsettling for end-use customers in Edo, Ekiti, Delta and Ondo States that are reasonably concerned about continuity of their service and other.”
News
Trump’s Airstrikes: Halt Military Cooperation With US Immediately – Sheikh Gumi Tells Tinubu Govt
Islamic cleric, Sheikh Ahmad Gumi has called on the Federal Government to immediately halt all military cooperation with the United States following reported US airstrikes.
Gumi warned that American involvement could worsen Nigeria’s security challenges and undermine national sovereignty.
Gumi made the call in a statement posted on his Facebook page on Friday.
He said while Islam permits the fight against terrorism, such actions should only be carried out by what he described as “clean hands,” arguing that the United States lacks the moral authority to lead such efforts because of its global military record.
READ ALSO:US Dept Of War Shares Video Of Air Strikes In Nigeria
According to the cleric, Nigeria made a mistake by allowing foreign powers to play a role in its counterterrorism operations, insisting that “terrorists do not truly fight terrorists” and that such interventions often result in civilian casualties and hidden political motives.
Gumi warned that allowing Nigeria to become a theatre of war would attract anti-US forces into the country, further destabilising it.
He also cautioned that US involvement, particularly under claims of protecting Christians, could polarise the country along religious lines.
READ ALSO:Trump To Attend FIFA World Cup Finals Draw On Friday
The cleric further argued that airstrikes alone cannot defeat terrorism, stressing that effective counterterrorism requires strong ground operations, which he said Nigeria has enough personnel to carry out if properly organised.
“This is the mistake Nigeria has made. Terrorists don’t fight terrorists in truth; they may only kill innocent people and have ulterior motives behind the drama of fighting ‘terror’.
“As a principle, no nation should allow its land to be a theater of war. And no nation should allow its neighbors to be their enemies.
“If Nigeria wants military assistance, China, Turkey, and Pakistan can do the job effectively,” part of his statement reads.
News
Shehu Sani Reacts To Trump’s Military Strikes In Nigeria
Former lawmaker, senator Shehu Sani, has reacted to reports of United States military strikes on terrorist targets in Nigeria’s North-West, saying foreign powers cannot permanently handle the country’s security challenges.
Sani made the remarks on Friday via his X handle while responding to a post by the United States Africa Command, AFRICOM, which indicated that the strikes were carried out in coordination with Nigerian authorities.
According to him, if the reported strikes were indeed a joint operation with Nigerian security agencies, then such action was justifiable, given the threat posed by terrorist groups in the region.
READ ALSO:US Dept Of War Shares Video Of Air Strikes In Nigeria
He described terrorists operating in parts of northern Nigeria as “cancerous cells,” stressing that they survive through violence and should be confronted decisively.
Sani also dismissed narratives suggesting that terrorist attacks target only one religious group, describing such claims as false and misleading.
He said: “If actually, the military strikes against the terrorists targets in the North Western part of Nigeria were a joint operation with the ‘Nigerian Authorities’ as posted by the US AFRICOM on their verified X handle, then it’s a conscionable action.
READ ALSO:JUST IN: US Forces Bomb Terrorists Camps In Nigeria
“Terrorists have become cancerous cells in our part of the country.They live by the sword.The narrative that the evil terrorists only targets one faith, remains absolutely false and misleading.
“Again, the ultimate security and peace in our country lies with ourselves and not with the US or any foreign power. They can complimentarily or unilaterally strike, but they can’t eternally fight our battles.”
News
UKWU! Timaya Falls On Stage While Trying To Lift Plus-sized Woman During Performance [VIDEO]
Nigerian singer, Timaya fell on stage while trying to lift a plus-sized lady during performance.
The incident occurred during his ‘Ukwu’ performance at the Gbaramatu Christmas Carnival in Delta State.
READ ALSO:Saboteurs Against Presidential Amnesty Reforms – General Ndiomu
Timaya in a now trending video on social media collapsed after the plus-sized woman jumped on him midday into his performance.
The singer later got up and continued his performance amid cheers from the crowd.
Watch video here
https://x.com/hypetribeng/status/2004263337572684157?s=20
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