Dispute: BEDC throws Ondo, Edo, others in darkness

“Upon repossession of shares of Vigeo Holdings Ltd by the bank, an application was filed by the banks and the BPE with the Commission for the approval of an interim board of directors and management for BEDC in compliance with NERC’s business continuity arrangements for licensees.”

The NERC added, “The commission reviewed and approved Messrs Henry Ajagbawa, K.C Akuma, Adeola liose, Charles Onwera and Yomi Adeyemi as interim board of directors for BEDC with Mr. Henry Ajagbawa as Managing Director.”

The commission noted that the erstwhile management of BEDC challenged the appointments in court after the regulatory and shareholder interventions had been completed.

“The actions taken by the contending parties for the control of BEDC has been primarily unsettling for end-use customers in Edo, Ekiti, Delta and Ondo states that are reasonably concerned about continuity of their service and other NESI stakeholders that are concerned about BEDC’s ability to meet its obligations to the market,” the regulator stated.

It added, “The commission has a statutory responsibility to the electricity market and this responsibility which is exercised in the public interest outweighs any perceived private interests.

“The general public is hereby advised to note that the interim board comprising Messrs Henry Ajagbawa, K.C Akuma, Adeola Jose, Charles Onwera and Yomi Adeyemi are the only directors of BEDC recognised by the commission.”

He stated that all stakeholders and members of the general public were enjoined to provide the required support to the interim board of directors as they worked on ensuring continuity of service to end-use customers in the BEDC network area.

This story first appeared in Punch