The Nigerian Electricity Regulatory Commission (NERC) has dissolved the management of Kaduna Electric led by Engr. Yusuf Usman Yahaya over N110bn debt to the Electricity Trading Plc (NBET) and the Market Operator (MO).
Subsequently, NERC in an order marked: “NERC/2024/001”, dated January 1, 2024, and signed by its Chairman and Vice Chairman, Engineers Sanusi Garba and Musiliu Oseni appointed a special board of directors for the company with Mr. Alex A. Okoh as the Chairman, and Dr. Umar Abubakar Hashidu as the sole administrator.
“All directors of KAEDC are hereby removed from office and the board of directors stands dissolved in the exercise of powers vested in the Commission by section 75 of the EA. Dr. Umar Abubakar Hashidu is hereby appointed as the administrator of KAEDC in accordance with section 75 of the EA.
“The administrator shall be the de facto chief executive officer of KAEDC and shall be responsible for the management of the day-to-day affairs of the Utility pending the finalization of the sale of the undertaking to a new core investor.
” The administrator shall work with a team of special directors that shall constitute non-executive directors of the board for governance purposes. The following are hereby appointed as special directors for KAEDC – Alex A. Okoh – Chairman; Kabir Adamu; Sharfuddeen Zubair Mahmoud; John Ayodele and
Rahila Thomas.
“The executive management team that shall work with the Administrator shall be constituted by the Commission and announced in due course. The Commission shall administer the sale of the undertaking in accordance with the provisions of the EA based on the highest and best price offered for the undertaking”, the order read in part.
…KAEDC sole administrator resumes office
Meanwhile, the Sole Administrator of Kaduna Electric, Dr. Umar Abubakar Hashidu, Monday, resumed office as the sole administrator of the company.
He took over from Engr. Yahaya who exited the company last week.
A statement issued by the Head of Corporate Communication of KAEDC, Abdulazeez Abdullahi, said a brief handover ceremony presided over by Mr. Dafe Okpaneye, the NERC Commissioner for Legal Licensing and Compliance, was conducted at the company’s corporate headquarters in Kaduna.
At the ceremony which was followed by a short interaction with staff, Okpaneye thanked the former MD, who served the company for 18 months for his efforts to move the company forward.
He charged the company’s administrator, Hashidu, to harness the talent and resources available to him to take Kaduna Electric to greater heights.
In his address, Hashidu challenged the staff of the company to perform optimally and stressed his belief in the ability of the management to reposition KAEDC.
