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Indebtedness:Fidelity Bank Takes Over Kano, Kaduna Benin, Electricity Distribution Companies
The Executive Chairman, Nigeria Electricity Regulation Commission, Sanusi Garba and his counterpart at the Bureau of Public Enterprises, Alex Okoh, have announced the take over of Kano, Kaduna and Benin electricity distribution companies by Fidelity Bank over alleged huge indebtedness to the bank
In a statement signed by both CEOs , they said
“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.
Fidelity Bank’s action is a contractual and commercial intervention and is between the Core Investors in the DISCOs and the lender. BPE is involved because of the 40% shareholding of Government in the DISCOs. Fidelity Bank has informed us that the new Board members of the affected DISCOs will be as follows:
– Kano DISCO: Hasan Tukur (Chairman), Nelson Ahaneku (Member), Engr. Rabiu Suleiman (Member)
– Benin DISCO: KC Akuma (Chairman), Adeola Ijose (Member), Charles Onwera (Member)
– Kaduna DISCO: Abbas Jega (Chairman), Ameenu Abubakar (Member), Marlene Ngoyi (Member)
BPE has 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.
We are engaging with the Central Bank of Nigeria (as the banking sector regulator) to ensure an orderly transition and to ensure that Fidelity Bank does not hold the DISCOs’ shares in perpetuity.
It is envisaged that the majority interest in the entities would be sold to capable private sector investors willing and able to re-capitalize and manage the entities efficiently.
We have also received assurances that Fidelity Bank will participate fully in all the ongoing market initiatives aimed at improving the sector (e.g. National Mass Metering Program).
In the interim, NERC and BPE met on an Emergency Basis and activated the Business Continuity Process and have appointed interim Managing Directors in the affected DISCOs.
Kano Disco – Ahmad Dangana
Benin Disco – Henry Ajagbawa
iii. Kaduna Disco– Yusuf Usman Yahaya
Also, with the takeover of Ibadan DISCO by AMCON, the BPE has obtained approval from NERC to appoint Kingsley Achife as the interim Managing Director.
In a temporary capacity the leadership of AMCON will be a placeholder Board for the Ibadan franchise (Ahmed Kuru – Chair, Eberechukwu Uneze – Member, Aminu Ismail – Member). Oluwaseyi Akinwale will represent the interest of Government on the Board alongside the DG of BPE.
Lastly, we are re-structuring the Management and Board of Port Harcourt DISCO to forestall the imminent insolvency of the entity.
As a condition for support to the entity to meet its market obligations, Iboroma Akpana will take over as the Chairman of the Board. Emmanuel Okotete, Eyo Ekpo, Ismaila Shuaibu and the DG of BPE will form the interim Board. Mr. Benson Uwheru will take over as the Managing Director of PHEDC as part of the changes.
Government will support the activation of Emergency funds through the Nigerian Electricity Market Stabilization Facility to support the entity while it goes through restructuring and repositioning to serve the citizens of the franchise area better.
We are working with the Honourable Minister of Power to ensure no service disruptions during these transitions. We remain committed to supporting the Nigerian Electricity Supply Industry to serve Nigerians better.”
End
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Corruption: Uphold Justice, Ensure Culprits ‘re Prosecuted, Speaker Abbas Urges Judges
…mulls bill to promote competence in recruitment of Judges
To effectively rid Nigeria of financial crimes and general corruption, the Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, PhD has urged Judges and heads of courts to ensure that perpetrators are prosecuted.
Speaker Abbas made the call while delivering his goodwill message through his Deputy, Rt. Hon. Benjamin Okezie Kalu at the 6th Economic and Financial Crimes Commission (EFCC) and National Judicial Institute (NJI) Capacity Building Workshop For Justices and Judges themed “Integrating Stakeholders in Curbing Economic and Financial Crimes” on Monday in Abuja.
He acknowledged that corruption remained a major problem in the society, despite the commendable efforts of anti-corruption agencies, stressing that corruption is a disease that cripples the society and hinders development.
Underscoring the need for the enhancement of skills of judges for effective service delivery, Speaker Abbas however said that they must live above board.
He said: “Stakeholders, we must recognize our shared responsibility in the anti-graft war. The fight against corruption requires not only robust legislation but also a judiciary that is well-equipped with the knowledge and skills necessary to navigate the complexities of such cases. As justices and judges, you hold an indispensable role in combating this scourge. Your decisions set precedents that can either reinforce or dismantle corrupt systems. You are tasked with upholding justice and ensuring that those who engage in corrupt activities are held accountable under the law.
“This workshop serves as an opportunity for you to enhance your skills and knowledge so that you may better serve your communities. Capacity building is at the heart of this initiative. It is imperative that we equip ourselves with the latest tools and knowledge to effectively adjudicate cases involving financial malfeasance. This includes understanding emerging trends in financial crime, utilizing technology for investigations, and ensuring that our legal frameworks are responsive to new challenges.
“Competence must be at the forefront of our judicial endeavours. It encompasses not only legal knowledge but also an understanding of the socio-economic contexts within which we operate. As judges and justices, your ability to interpret laws effectively while considering their implications on society is crucial. Continuous education and capacity building are essential components in enhancing your competencies. Workshops like this one serve as platforms for sharing knowledge, best practices, and innovative approaches to justice delivery.
“Integrity is perhaps the most critical value we must uphold as members of the judiciary. It embodies honesty, transparency, and accountability—qualities that are indispensable in fostering public confidence in our legal system. When citizens perceive judges as incorruptible stewards of justice, they are more likely to engage with legal processes positively”.
The Speaker who highlighted the importance of having a well remunerated judiciary also revealed that a bill was in the offing to ensure that only well qualified personnel are appointed to the bench.
“It is heart-warming to note that part of these initiatives includes improving the welfare of judges and justices. We recognize that a well-compensated judiciary is crucial for attracting and retaining qualified individuals who are committed to serving with integrity. This explains why we swiftly passed legislation to increase your remuneration by 300%. This significant adjustment reflects our commitment to ensuring that those who serve on the bench are adequately rewarded for their dedication and hard work.
“Moreover, we are equally exploring avenues to establish a more rigorous and transparent process for the selection and appointment of judges. The integrity of our judicial system hinges on having qualified individuals who possess not only legal expertise but also an unwavering commitment to justice. To this end, we are drafting legislation that will outline clear, detailed criteria and procedures designed to ensure that only the most qualified and competent individuals ascend to the bench”, Speaker Abbas said.
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Eseme Eyiboh’s Mum, Deaconess Grace for Burial Nov 9
The remains of Deaconess Grace Sunday Eyiboh, mother of the Special Adviser on Media and Publicity and Spokesman to the Senate President, Hon. Eseme Eyiboh will be interred on November 9, 2024.
A statement from his eldest son, Hon. Eseme Eyiboh said Mama’s burial shall be conducted by Qua Iboe Church at Community Secondary School, Akpautong village in Esit Eket LGA, Akwa Ibom State on the 9th November 2024 at 10am.
Born on July 7, 1934, Deaconess Grace Eyiboh fondly called Mmaette was a trailblazing entrepreneur, educator, church and community leader, who passed on three days to her 90th birthday on July 4, 2024.
An indigene of Akpautong village in Esit Eket LGA of Akwa Ibom state, Deaconess Grace Eyiboh began her educational journey at Qua Iboe Church School, Akpautong. After completing her Standard Six education, she married Late Elder Sunday Eyiboh, a well known carpenter and teacher.
Deaconess Eyiboh’s growth in faith drove her determination and entrepreneurial instinct which led her to attend the Singer Sewing Institute, Uyo, where she honed her sewing skills. Upon graduation, she established her own Sewing and Apprenticeship Training Centre at Uquo, Esit Eket, empowering numerous youths and women with vocational skills.
Mmaette’s selfless service and integrity earned her an appointment to the Eket Juvenile and Assizes Court; Esit Customary Court where she served two terms without blemish. Her contributions to community development were recognised through various leadership roles.
She is survived by two sons and two daughters, several grand and great grandchildren including the Rt Hon. Eseme Eyiboh, erstwhile member and Spokesperson of the House of Representatives and currently, Special Adviser, Media and Publicity and Official Spokesperson to the President of the Senate.
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Ex-First Lady, Dame Patience Jonathan, Visits Pauline Tallen Over Son’s Death
Nigeria former first lady,Dame Patience Jonathan, PhD, has commiserated with the family of Ex -Women Affairs Minister, Pauline Tallen, over the death of her only son,Richard Adamu Tallen
Dr Jonathan who personally paid a condolence visit to the Tallen’s at their Abuja home, Monday 7 October,2024, expressed grief over the sad loss and prayed for the repose of his soul
She described the late young Tallen as an upward growing mobile young man who would have been needed most at this critical time.
She urged the family to have faith and understanding that it is the Lord that gives and takes
” You cannot question the Lord, because He gives and takes”
The former first lady appealed to the family, especially, the mother who is an ex- minister, the deceased wife, and three kids he left behind, to take heart and be consoled. She noted that no matter how painful Richard’s death may be to the family, there is hope in that the children will grow up and stand in the place of their late father.
Dame Patience who was received by a large number of mourners at the residence, majority who were hailing her, ”mama peace, mama peace, we miss you”, hugged and embraced them in show of solidarity notwitstanding the mourning mood and atmosphere at the Tallen’s residence
Top dignitaries who also visted to comiserate with family, include , former Vice President, Yemi Osibanjo, former Imo Governor,Owelle Rochas Okorocha, among others.
Richard passed on, on Sunday, October 6, 2024, at a private hospital in Abuja
He was a graduate of Computer Science from a United States university. He was aged 42 and is survived by a wife and three children.
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