Ryda:
“It is, therefore, totally out of place and inconceivable that the President would be linked to the management of a private organization, let alone sacking it.

So who sacked the guy man, or he was asked to step down but the media turned the story around.
But I don't trust this administration with their denials

How can you say "but I don't trust this administration...."? You're educated I believe, can a 40% shareholder sack a 60% shareholder?

May your brain never go flat like majority here.

rexwalters:
Common sense, can the President sack the Chief Executive Officer of a Private company? Why are Nigerian youths dull like this?

daddytime:
Regime of somersaults, denials and counter-denials.

No cohesion or policy direction.

policy direction in the happenings of a private company? Did you just use that phrase because you heard it and not bother to check the meaning?

JustStupidity:
President doesn't have the right to interfere in AEDC management policies. People should learn to know their rights

and they told you the President did?

thebosstrevor1:



If you have done your research well instead of just copying and pasting information for free, you would have known that since last year CEC Africa, a core investor of AEDC abd ine of the joint owners of
KANN Utility Limited want changes to the board composition of AEDC.

UBA the appointed liquidator has been challenging the right of CEC to remove the board

KANN owns 60%. Check the earlier thread I asked FG has no such power, I even quoted Prof. Amadi. The Presidency knows they have no such power and thank God they have confirmed my earlier affirmation, even the Minister has made a denial of sacking AEDC.
You must learn to defend based on facts and not on sentiment. Please be open minded and use your God given brain.

naptu2:
60% of AEDC was owned by KANN Consortium, which took a loan from UBA to finance the purchase. 40% of AEDC is owned by government. KANN couldn't repay the loan and UBA took over its shares and sacked and replaced the management of the company.

(I suspect that the dispute between KAAN and UBA might have been the reason that AEDC could not pay its staff).

NERC, as the regulators of the sector and BPE (representing government's 40% shares) approved UBA's take over of AEDC.

Thanks for your detailed explanations!

iwaeda:


KANN owns 60%. Check the earlier thread I asked FG has no such power, I even quoted Prof. Amadi. The Presidency knows they have no such power and thank God they have confirmed my earlier affirmation, even the Minister has made a denial of sacking AEDC.
You must learn to defend based on facts and not on sentiment. Please be open minded and use your God given brain.

2 companies made a joint bid of AEDC, they are Xerxes Global Investments Limited, a local firm; and CEC Africa Limited (CECA), both went on to form a partnership called KANN Utility Company Limited. Which has 60% of the company.

In 2019, CEC Africa which funded the acquisition of AEDC accused Xerxes of not abiding with acquisition agreements. Xerxes failed to pay its contribution leaving all the payments to be done by CEC Africa. In recognition of its failure to pay its share of the acquisition cost in 2013, Xerxes even pledged to CEC Africa, as security, half of its equity share in KANN.

Last year, CEC Africa, a core investor of AEDC wanted to change the board composition of AEDC but
UBA appointed liquidator challenged it. CEC Africa is the culprit that changed ths board with the approval of the federal government who is also a shareholder

thebosstrevor1:


2 companies made a joint bid of AEDC, they are Xerxes Global Investments Limited, a local firm; and CEC Africa Limited (CECA), both went on to form a partnership called KANN Utility Company Limited. Which has 60% of the company.

In 2019, CEC Africa which funded the acquisition of AEDC accused Xerxes of not abiding with acquisition agreements. Xerxes failed to pay its contribution leaving all the payments to be done by CEC Africa. In recognition of its failure to pay its share of the acquisition cost in 2013, Xerxes even pledged to CEC Africa, as security, half of its equity share in KANN.

Last year, CEC Africa, a core investor of AEDC wanted to change the board composition of AEDC but
UBA appointed liquidator challenged it. CEC Africa is the culprit that changed ths board with the approval of the federal government who is also a shareholder

Oga go and learn. Presidency said they have no such power and you are using epistle to twist. Be wise for once now how can 40% overrule 60%? Ti won ba rani ni ise eru; wa fi tomo je ni.. Enough of people like you putting Nigeria in the wrong path because of paltry some.

mapet:


How can you say "but I don't trust this administration...."? You're educated I believe, can a 40% shareholder sack a 60% shareholder?

You saw where I quoted the bolded statement statement right?
That answers your question.

Me not trusting an administration full of denials is my personal problem. Leave it that way!

[s]

esnbrutality:
This is what the Southwastee bequeathed to zoo inhabitants...and they'll claim sophistication.
A regime that is without cohesion...will you still doubt that Buhari is dead??...WAKE UP people...Gosh!!

[/s]

Ryda:


You saw where I quoted the bolded statement statement right?
Me not trusting an administration full of denials is my personal problem. Leave it that way!

Absolutely correct.... and I don't have a problem with that.... but when you submit a line that turns logic on its head like you did..... also not that I have a problem with even that, but just felt like pointing it out

Bubu talk am... its just that d old dude didn't know that things dont work that way..

Lies will kee this government!!

He may have cluelessly tried to do that, then rescinded as an afterthought to his cluelessness. The president that keep assuring & doing nothing about his assurances is infinitely blessed with gaffes!

rexwalters:
Common sense, can the President sack the Chief Executive Officer of a Private company? Why are Nigerian youths dull like this?

vedaxcool:


The problem with an average PDP agent and corruptionist is that they don't want to hear the rot inflicted on Nigeria. We continue to remind every Nigerian how devilish decisions taken under their reign has continued to impact us today.
In the discos deal, the "competent" PDthieves led by GEJ a buy back clause in the event government decides to cancel the decision attracts trillions of naira to but then out.

Yet, PMB under difficult global economic conditions, is distributing free meters something that should have been done prior to privitisation or at the onset. This is to improve efficiency in the system and prevent outrageous bills and discos rejecting light. Remember PDP claimed it has created a great economy that solves every problem.

As usual. Lies. Which meters are free in Nigeria? I challenge you to show a meter given out free in any state in Nigeria. Or is your Nigeria different from ours.
It's also important to note you can't say anything about the Siemens power deal cause it's another failure.
What GEJ did or not do with privatisation is not the problem. As you can see, the core investor has just been relieved of his shares. Where there are weaknesses, it is the responsibility of the change crew to make corrections not resort to lies and propaganda to mask their incompetence

[s]

Agbegbaorogboye:

As usual. Lies. Which meters are free in Nigeria? I challenge you to show a meter given out free in any state in Nigeria. Or is your Nigeria different from ours.
It's also important to note you can't say anything about the Siemens power deal cause it's another failure.
What GEJ did or not do with privatisation is not the problem. As you can see, the core investor has just been relieved of his shares. Where there are weaknesses, it is the responsibility of the change crew to make corrections not resort to lies and propaganda to mask their incompetence

[/s]
I understand PDthieves are inherent liars but acting blind is not normal. Free meters have been distributed, if you can not acknowledge that I have nothing to discuss with you. If you want to continue your bitterness and bile do it by yourself. The problem of electricity currently is how the privitisation was done. Even Amadi who headed NERC said that much in his tweet, that they failed to commercialize before privitisation which created the problem of government perpetually subsidizing the racket.

E.O.D

vedaxcool:
[s][/s]
I understand PDthieves are inherent liars but acting blind is not normal. Free meters have been distributed, if you can not acknowledge that I have nothing to discuss with you. If you want to continue your bitterness and bile do it by yourself. The problem of electricity currently is how the privitisation was done. Even Amadi who headed NERC said that much in his tweet, that they failed to commercialize before privitisation which created the problem of government perpetually subsidizing the racket.

E.O.D

You claim prepaid meters are distributed free. I asked you to prove it. You're asking me to acknowledge what you can't prove.

https://punchng.com/consumers-kick-as-fg-raises-prices-of-prepaid-meters/?amp

As I said, APC e-urchins only thrive on lies and propaganda. Here's a perfect example with clear proof.
The problem of electricity is insufficient capacity. It is shallow to say the manner of privatisation is the problem of electricity in Nigeria because that will imply electricity sector was doing well before it was privatised. You have added to your lies by claiming Amadi said what he never said. Kindly share the tweet where he said the problem of electricity is privatisation. FYI, Obasanjo already commercialised then NEPA. It was the commercialisation that birthed the name PHCN and its eventual unbundling. Quit the lies and get a proper education on issues. Lies don't go far.