The board of directors for Kaduna Electricity Distribution Company, KAEDC, has been dissolved.
The Nigerian Electricity Regulatory Commission, NERC, dissolved the board over its inability to pay N110bn debt owed to the Nigerian Electricity Supply Industry, NESI.
An order dated January 1, 2024, by NERC and signed by its Chairman and Vice Chairman, Sabusi Garba and Musiliu Oseni, respectively, explained that the order was also due to the receivership of the company being unable to get a new buyer of the company on time.
KAEDC is among five DisCos that were taken over by their funders after the core investors were unable to pay back the borrowed funds used to acquire the company during privatization in 2013.
The Managing Director of the company, Yusuf Yahaya, had on Saturday announced his resignation from the company.
According to the order, the company was still owing N110bn to the Nigerian Bulk Electricity Trade (NBET) and TCN’s Market Operator (MO) from 2015 till date.
NERC ordered that, “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 Electricity Act (EA).”
It said that 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.
