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No basis for takeover of BEDC, says management

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No basis for takeover of BEDC, says management

No basis for takeover of BEDC, says management

… assures customers, stakeholders of continuing operations

By Olorunfemi Adejuyigbe

 

No basis for takeover of BEDC, says management

 

The management of Benin Electricity Distribution Company (BEDC) Plc has said there is no legal basis for the takeover of the company following the purported activation of the call on its collateralised shares by Fidelity Bank.

The purported activation seeks to take over the respective Boards of Kano Electricity Distribution Company, Kaduna Electricity Distribution Company and BEDC Electricity Plc (the DisCos) over the inability to repay the loans obtained to acquire majority stakes in the DisCos in furtherance of the 2013 privatisation exercise.

 

 

 

 

 

 

The company said in a statement released in Benin today that, “The referenced report also alleges that certain parties have been appointed as Board Members, Independent Directors and Managing Directorof BEDC Electricity Plc. We understand these appointments have been communicated to the Bureau of Public Enterprises (BPE) and the Nigerian Electricity Regulatory Commission.”

However, the management of BEDC stated unequivocally that, “There is no contractual, statutory or regulatory basis for such.” The statement added that, “For the avoidance of doubt, the shares of BEDC have not been given as security to Fidelity Bank or to any other party.”

 

 

 

 

 

 

 

 

According to the statement, “As we understand it, Vigeo Holdings Limited (VHL – a non-shareholder of BEDC) obtained credit facilities from Stanbic IBTC Bank Limited, Fidelity Bank Plc, and Keystone Bank Plc (the VHL Lenders).

“We further understand that the said credit facilities (and any enforcement action in relation thereto) have in the meantime become subject of litigation in a Court action instituted by VHL and other plaintiffs (the VHL Action) with Suit No: FHC/L/CS/239/22 – Vigeo Holdings Limited and 4 Ors v. Stanbic IBTC Bank Limited, and therefore, subjudiced.”

 

 

 

 

 

 

 

 

The management of BEDC Electricity Plc warned that, “Any attempt by Fidelity Bank and/or BPE to intervene in BEDC in the manner being reported will be illegal, unlawful and will be resisted.”

Consequently, the company urged its customers, investors and partners in the electricity business to ignore the trending reports while assuring them of continuing smooth operation and that it remains, “Focused on its mission to ensure delivery of quality and reliable electricity to the good people of Edo, Delta, Ondo and Ekiti States.”

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APC Ondo North Primary: Reports Show ATM in Early Lead

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Reports from the field in Ondo North Senatorial District indicate that voters, officers, and agents at the voting centers across the wards have put Abdul Tunji Mohammed (ATM) in the lead.

According to the current figures collated from the centers, ATM is polling with wider margins of votes

Going by these figures, ATM is poised to win all the six Local Government in the Senatorial Districtt.

We urge all party members and supporters to remain peaceful as collation continues.

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Senate Leader Opeyemi Bamidele Hosts Ondo North Aspirant Abdul Tunji Mohammed, Backs Grassroots Development Agenda

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Senate Leader Opeyemi Bamidele recently hosted Chief Abdul Tunji Mohammed (ATM), a prominent aspirant for the Ondo North senatorial seat.

The meeting highlighted a strategic alignment between progressive forces, with both leaders emphasizing a shared vision for grassroots development and legislative excellence.

Senator Bamidele, a respected figure in Nigerian politics, is recognized for his contributions to national cohesion and impactful policymaking, drawing on his experience as a legal luminary and human rights activist.

Chief Mohammed, an astute businessman and dedicated grassroots mobilizer, has made a notable impact on Ondo North through his philanthropic work and commitment to constituents’ welfare. His approach blends corporate discipline, economic ingenuity, and a deep concern for people—qualities that have reshaped the region’s political narrative.

The two leaders discussed the district’s critical needs, exploring avenues for socioeconomic growth, legislative reform, and stronger community integration. Senator Bamidele stressed the importance of supporting President Bola Ahmed Tinubu’s Renewed Hope Agenda, a sentiment echoed by Chief Mohammed.

The convergence of Chief Mohammed’s vision with Senator Bamidele’s legislative experience offers hope for Ondo North. This synergy between grassroots ambition and seasoned mentorship points to a promising future for the district’s representation in the Senate. With ATM’s drive and the guidance of leaders like Senator Bamidele, Ondo North is positioned for progress and transformative governance.

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2027 Ondo North Senate: ATM secures Backing of Monarchs, Chiefs

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APC Senatorial aspirant for Ondo North, Abdul Tunji Mohammed, popularly known as ATM, received a resounding endorsement on Thursday during a high-profile visit to Ikare-Akoko.

The endorsement came from the Olukare of Ikare, His Royal Majesty Oba Akadiri Momoh IV, the Owa Ale of Ikare, His Royal Majesty Oba Adeleke Adedoyin, and the Ikare Council of Chiefs, who described ATM as a credible son of the soil with the capacity to represent Ondo North effectively at the Senate.

Speaking at the palace, the Olukare commended ATM for his consistent engagement with the people and his track record in business and community development. “We have watched your contributions to Ondo North over the years. You are one of us, and we believe you have the experience and character to speak for our people in Abuja,” the monarch said.

The Owa Ale, in his remarks, stressed the need for unity and quality representation. He urge him to continue the help to the people at home that he’s doing. He urged other stakeholders to support aspirants with proven commitment to the district’s progress, noting that Ikare and Akoko land require strong voices at the National Assembly.

In his response, Abdul Tunji Mohammed thanked the monarchs and chiefs for their blessings and trust. He reaffirmed his commitment to prioritize infrastructure, education, healthcare, youth empowerment, and agricultural development if elected.

“Ikare is central to Ondo North, and your support strengthens my resolve to serve with integrity and results. I will not betray this trust. My campaign will remain issue-based, and my representation will reflect the hopes of our people,” ATM stated.

The visit was marked by prayers, cultural displays, and solidarity from party leaders, youth, and women groups across Ikare-Akoko.

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