The Benin Electricity Distribution Company (BEDC) said it recorded N750 million loss in revenue collection within one month after the forceful takeover of the company.
This was just as the Managing Director of the company, Mrs. Funke Oshibodu, Monday cried out that her life was in danger after some armed policemen broke into her office at the company’s head office in Benin City, Edo state.
Funke said: “Somebody marched into the building to say I have been asked to take over. If there is a threat to life, it’s my life.
“During the period when we were away for one month, this company lost N750 million. The collection level went down. And if you don’t pay the people selling power, we will not get enough power because we are just distributors.”
She stated that a valid court order dated July 8, 2022 restrained Fidelity Bank, one Henry Ajagbawa and the Nigeria Electricity Regulatory Commission (NERC), Bureau of Public Enterprise and others from taking over BEDC management.
“On Monday, some persons came here with guns and said they were police from Abuja. They forced themselves into the compound, arrested the security men here and broke into my office.
“The police asked me to follow them to the police headquarters. I followed them. When I got to the station, they told me there’s a petition against me, indicating that I was trespassing in BEDC- in addition to threat to life.
“They took my statement and I showed them the court documents,” she said.
There had been controversy over reported activation of the call on the collateralised shares of BEDC Electricity by Fidelity Bank over alleged inability to repay loans obtained to acquire majority stakes in the DisCos in 2013.
However, the BEDC management had said, 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 management further stated that it is the core investor, Vigeo power that has 60 percent share in BEDC.