A former Managing Director of the defunct Power Holding Company of Nigeria (PHCN) and former CEO of Dangote Group, Engr. Joseph Makoju, and ace property developer, Mallam Ibrahim Aliyu, are now AEDC shareholders and would be tipped to lead the new board of the Abuja Electricity Distribution Company (AEDC).
Daily Trust in a recent exclusive report said there was a shakeup in the board of AEDC along with the expiration of the contract of some management staff of which they would have to leave between November and January 2021.
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Our reporter confirmed that some of the management staff have already complied.
The Director, Corporate Services, Abimbola Odubuyi, had left in compliance; the same with Mr Sam Kyakilika, the Chief Information Officer at AEDC.
The other affected staff including the MD of AEDC, Dr. Ernest Mupwaya; the Director of Risk and Compliance, Engr. Collins Chabuka; the Technical Assistant to the MD, Dr. George N’Guni, and Clara Musama, the Coordinator for the Change Management Programme at AEDC, will be leaving latest January 2021, it was learnt.
‘Change in board’ confirmed
The change in the board members has been confirmed and it is coming seven years after the power sector privatisation through which the DisCo was acquired from the defunct PHCN by private investors.
AEDC was acquired by KANN Utility Company Limited, jointly owned by Xerxes Global Investments Limited, a local firm; and CEC Africa Limited (CECA), a pan African utility firm.
Confirming this on Friday, a statement by CECA, said the board of KANN Utility Company Limited has announced the withdrawal of their nominations to the board of AEDC and their replacement with new nominees.
However, there are indications that some members of the existing board may not have supported the development, Daily Trust learnt.
The boards of the successor private-led DisCos comprise seven directors of whom six, including the MD/CEO are appointed by the core investor and one is appointed by the Federal Government through the Bureau of Public Enterprises (BPE).
However, the statement said by a resolution of the KANN board, the nominations of five directors of AEDC were withdrawn. These directors include Ambassador Shehu Malami, the AEDC Chairman; Mr. Siyanga Malumo, the Vice Chairman; and Mr. Emmanuel Katepa, a Director and MD, CECA.
The other directors are Alhaji Ahmad Maiyaki and Mr. Olusegun Doherty·
“The board of KANN proposed the following new directors: Engr. Joseph Makoju, Mallam Ibrahim Aliyu, Engr. Dr. Olubunmi Peters, Dr. George Nwangwu, and Mr. Faruk Aliyu.
“The board of AEDC has since resolved to accept both the withdrawals and the new appointments,” it said.
The new board members
Although the new board has not revealed if there is a set out Chairmanship and the Vice Chairmanship position, Daily Trust on Saturday gathered that Engr. Makoju is representing the shares of Xerxes Global where Amb. Shehu Malami was the AEDC Chairman until this announcement. Aliyu is said to represent the shares of CECA, the firm that produced the erstwhile Vice Chairman, Mr Siyanga Malumo. Both Xerxes and CECA are the two firms that drive KANN Utility Ltd, the consortium and acquirer of AEDC.
Makoju was once the MD/CEO of the defunct NEPA/Power Holding Company of Nigeria (PHCN); he was appointed Group Chief Executive Officer, Dangote Group in 2010 and left as the CEO/Group Managing Director in January 2020.
Makoju who has been a shareholder at Xerxes Global, is honorary member of the West African Power Pool (WAPP), an energy section of ECOWAS.
Ibrahim Aliyu is the Chairman, North South Power Company Limited, the concessionaires of the Shiroro Hydropower Plant in Niger State, with CECA being a core investor.
He is also the Chairman of Urban Shelter Limited, a foremost real estate firm in Abuja and others; he also provides leadership to businesses that include Intercellular Plc; ACPML Ltd; Shelter Clay Ltd and Shelter Suites & Hotels, with license to operate hotels under the Wyndham Group USA franchise.
However, Dr. Peters is the Executive Vice Chairman and CEO at North South Power.
Dr. Nwangwu, a lawyer is the Managing Director, Ratio Consulting in Abuja.
He has consulted for BPE on Infrastructure Finance and Public Private Partnerships (PPPs).
Mr Faruk Aliyu, Managing Director, Hawthorn Suites and Hotel; he is a team member of Urban Shelter, Mallam Aliyu’s business.
The estate development expert is a member of the Urban Land Institute, Hotels Owners Forum Abuja (HOFA), and currently sits on the board of other firms.
KANN Utility also said it is now expected that the management of AEDC will take the necessary steps to obtain the regulatory approvals and Corporate Affairs Commission filings necessary to give effect to the decision of the AEDC board.
Commenting on this, Engr. Katepa said, “The changes that have been made at AEDC are meant to bring a combination of new energy and extensive experience in the Nigerian business space to the company.
“We are confident that the company will continue on its trajectory as one of the most promising distribution companies and will better navigate the very unique challenges of the Nigerian power sector,” noted Katepa.
Management staff addressed
Meanwhile some of the new board members have assumed their roles at AEDC as they briefed the General Managers and Regional Managers of the company on Friday.
Officials who were at the meeting at the AEDC headquarters in Abuja said the board assured of taking the company to greater heights while making employees’ welfare a priority.
The officials said the meeting was summoned by the MD of AEDC, Dr. Mupwaya for management staff from the position of Area Managers and above. The General Managers at the different regions of AEDC covering four States of Kogi, Abuja, Nasarawa and Niger, had informed the other invited managerial members of the meeting.
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