Edo disco fault gets taken over by bank

The management of the Benin Electricity Distribution Company has said that there is no legal basis for the takeover of the company following the purported activation of the call on its collateralised shares by Fidelity Bank.

 

The company disclosed that all matters relating to the BEDC and Fidelity Bank were subjects for litigation before a competent court, adding that to act outside the court would amount to an illegal act, which the management said it would resist.

 

The purported activation seeks to take over the respective Boards of Kano Electricity Distribution Company, Kaduna Electricity Distribution Company and the BEDC Electricity Plc (the DisCos) over their inability to repay the loans obtained to acquire majority stakes in the DisCos in furtherance of the 2013 privatisation exercise.

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