₦airaland Forum

The federal government says Fidelity Bank Plc has commenced plans to finalise the takeover of Benin, Kano and Kaduna electricity distribution companies (DisCos).

Sanusi Garba, chairman, Nigerian Electricity Regulatory Commission (NERC) and Alex Okoh, director-general, Bureau of Public Enterprises (BPE), said this in a statement on Tuesday.

They said said the action followed the activation of collateralised shares of the DisCos by Fidelity Bank and African Export-Import Bank (Afreximbank).

The regulators also announced the restructuring of two other electricity distribution companies, namely Ibadan Electricity Distribution Company (IBEDC) and Port Harcourt Electricity Distribution Company (PHED).

The statement was titled, “Restructuring of Kano, Benin, Kaduna, Ibadan and Port Harcourt DISCOs”.

“Today, we were informed by Fidelity Bank that they have activated the call on the collateralized shares of Kano, Benin, and Kaduna (Fidelity and AFREXIM) DISCOs and that they have initiated action to take over the Boards of these DISCOs and exercise the rights on the shares,” the statement reads.

It said Fidelity Bank’s action was a contractual and commercial intervention, following an agreement between the core investors in the DISCOs and the lender.

“BPE is involved because of the 40% shareholding of government in the DISCOs,” the statement added.

It said Fidelity Bank informed BPE and NERC that the new board members of the Kano DISCo were Hasan Tukur, chairman; Nelson Ahaneku, member and Rabiu Suleiman, member, according to the statement.

Also, KC Akuma, chairman; Adeola Ijose, member and Charles Onwera; member, were said to be new board members for Benin DisCo, while Abbas Jega, chairman; Ameenu Abubakar, member and Marlene Ngoyi, member; as board members of Kaduna DisCos.

The FG said BPE had nominated Bashir Gwandu, Kano; Yomi Adeyemi; Benin and Umar Abdullahi, Kaduna as “independent directors to represent government’s 40% interest in the three DISCOs respectively, during this transition”.

https://www.thecable.ng/fidelity-bank-afreximbank-take-over-benin-kano-discos

Peter Obi's chairmanship of Fidelity Bank some years ago left it in a clean, rude, bill of health.

That's why I made Fidelity bank my salary account


...Samakus...

You can call me Peter Obi's brother. Join us in taking back our country

Samakus:
Peter Obi's chairmanship of Fidelity Bank some years ago left it in a clean, rude, bill of health.

That's why I made Fidelity bank my salary account


...Samakus...

You can call me Peter Obi's brother. Join us in taking back our country

I worked with FIdelity and all i have to say is... watch out for that bank.

unless the current leadership messes it up, they will break into the top 5 tier one banks before 2025.

EkelediliBuhari:
I worked with FIdelity and all i have to say is... watch out for that bank.

unless the current leadership messes it up, they will break into the top 5 tier one banks before 2025.

Wow

IPOB squad on d beat
Innoson go also takeover GT Bank