HomeNewsKaduna Electricity DisCo Offered For Sale Over N110bn Debt

Kaduna Electricity DisCo Offered For Sale Over N110bn Debt

The Nigerian Electricity Regulatory Commission (NERC) has removed all directors of the Kaduna Electricity Distribution Plc (KAEDC) following the company’s inability to pay debts to the Nigerian Bulk Electricity Trading Plc (NBET).

As of October 2023, KAEDC owed over N110 billion, risking direct receivership if regulatory intervention is not implemented urgently.

The Managing Director and CEO of Kaduna Electric, Yusuf Yahaya, recently resigned.

Other directors’ removal became effective from January 1, and Dr. Umar Abubakar Hashidu is appointed as the Administrator.

The Administrator will oversee KAEDC’s affairs until the sale of the company to a new core investor.

Special directors have been appointed for governance purposes.

KAEDC’s consistent failure to meet obligations led to the removal, following a statutory notice and extension for the management to provide justifiable cause.

As of October 2023, KAEDC owed over N110 billion, risking direct receivership if regulatory intervention is not implemented urgently

The commission will administer the sale based on the highest and best price offered.

The Managing Director and CEO of Kaduna Electric, Yusuf Yahaya, recently resigned.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

spot_img