BEDC commences contempt proceedings again FG

The legal advisers to Vigeo Power Limited, majority shareholders of Benin Electricity Distribution Company Plc, have commenced contempt proceedings against the Federal Government’s Bureau of Public Enterprise, describing the BPE as defaulters involved in the illegal takeover of BEDC.


BEDC stated in a statement that the law firm of Kunle Adegoke (SAN), lawyers to Vigeo Power Ltd, said the contempt proceedings had become imperative.


The law firm said this was because the attention of its client was drawn to a publication issued by the BPE on July 13, 2022, in which the bureau laboured to justify its attempts at illegally taking over the BEDC Electricity Plc.


This, it said, was despite the orders of an injunction issued by the Federal High Court, Abuja on July 8, 2022 in Suit No. FHC/ABJ/CS/1113/2022 between Vigeo Power Limited v. Fidelity Bank Plc & 7 Ors.


“It is on record that the total shareholding of the BPE and the Ministry of Finance in BEDC is just 40 per cent making the two of them minority shareholders which pales into insignificance in the face of the 60 per cent shareholding held by Vigeo Power Limited, our client,” the lawyers explained, according to the statement.


The law firm stated that, “It is sad that in a worst form of brigandage unknown to Companies and Allied Matters Act and the shareholders’ agreement dated August 21, 2013, which is subsisting among the parties, the BPE, using Fidelity Bank Plc as a front, has decided to take over a company that is not indebted to either BPE or Fidelity Bank using the naked force of state power.”


BEDC’s legal advisers argued that contrary to the impression sought to be created by BPE in the publication referred to above, Vigeo Power Limited’s 60 per cent shareholding in BEDC was never collaterised in any loan transaction with Fidelity Bank Plc or any other financial institution.

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