The United Bank for Africa (UBA) PLC said investors have made offers to buy the bank’s shares of about N13.38 billion in the Abuja Electricity Distribution Company (AEDC).
This was contained in the bank’s 2022 annual report and accounts obtained by Daily Trust on Sunday.
The analysis of the audit report’s schedule of ‘Non-Current Assets Held for Sale’ by the bank shows that the worth of AEDC was N13.69bn in 2021 when UBA took over the control due to a loan default by KANN Consortium who are the original investors.
However, after repossessing the properties held as collaterals, UBA said the fair value of these properties less cost to sell was N13.38bn.
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AEDC, a distribution company (DisCo), supplies electricity to over one million consumers in Kogi, Abuja, Nasarawa and Niger states—the acronym for KANN.
It said: “The Group’s policy is to pursue timely realization of the collaterals in an orderly manner. Following the foreclosure, the board of directors of UBA Plc approved the disposal of its interest in assets and liabilities of AEDC at the earliest possible time.
“The bank is studying the offers from prospective investors following extensive discussions on the sale of its interest in the company. This will be made public after getting the necessary regulatory approvals,” UBA disclosed in the audited year report.
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