The Management of Benin Electricity Distribution Company (BEDC Electricity Plc.), has said that the management and board of the power firm are intact and not dissolved contrary to speculations in the public domain.
This disclosure is contained in a statement signed by the management of BEDC and made available to newsmen through its acting Head, Corporate Affairs, Evelyn Gbiwen, on Thursday, March 28, 2024, in Benin, Edo State.
The BEDC management, who described reports of plans by the Federal Government to take over the power firm and sack the management, assured of its commitment to the success and growth of the company.
The news is false, baseless
The statement from BEDC reads
- “BEDC management’s attention has been drawn to the fake news publication in some national dailies with the caption “Poor Power Supply: FG Moves to take over BEDC, Sack Management.
- “Since the publication, we have been inundated with inquiries from concerned internal and external stakeholders seeking further information.
- “Management hereby assures all staff that the news is entirely false and baseless as the current board and management remain intact and are fully committed to the success and growth of BEDC.
- “Through collective efforts and commitment, the company has achieved significant milestones since the inception of the current board in July 2022 in various aspects of operations.’’
Achievements
In the statement, BEDC management noted that it has increased collection of revenue from N4.9 billion as of July 2022 to over N7.6 billion as of February 2024 with significant reduction in aggregate technical, commercial and collection loss
- it added, “This achievement is a testament to the hard work and dedication of the entire management and staff of BEDC.
- “It justifies management’s decision to embark on salary increment as well as promotion of deserving staff and other forms of incentives to the workforce in the past months.
- “The current Board of Directors, working with the Lender Banks, remains committed to its mandate of facilitating the divestment of 60 per cent shares of the company to investors within the shortest time while ensuring optimal operations.’’
The statement enjoined all staff to remain steadfast in their duties and should continue giving off their best efforts to drive the growth and success of BEDC Electricity Plc.
What you should know
- BEDC is responsible for the retail distribution of electricity in Delta, Edo, Ekiti, and Ondo States with a geographical coverage of 57,353 square kilometres. The company operates from 27 business districts with approximately 350 offices located across four (4) states with about 18 million people, about 4 million households, and an effective customer population of 1,291,181 as of September 2023.
- Nairametrics had a few days ago reported that the governments of Edo, Delta, Ondo, and Ekiti states in a formal communication with the Nigerian Electricity Regulatory Commission (NERC), signalled their intention to assert their shareholder rights in the Benin Electricity Distribution Company (BEDC).
- They claim the initiative is a response to the “operational challenges and failures in service delivery” within their respective states.
- In a unified correspondence addressed to Engr. Sanusi Garba, the Chairman of NERC, dated March 18, the initiative launched by the states represents a pivotal move to address longstanding discrepancies stemming from the privatization process of 2013.
- Sources with knowledge of the matter revealed to Nairametrics that the direct shareholdings of Delta and Edo State in BEDC is 14% and 8.4% respectively. Ondo and Ekiti States also own 6.6% and 5.2% respectively in BEDC. The FG owns 5.8% giving the states and federal government a combined stake of 40%.
