Days after the Transmission Company of Nigeria (TCN) sent a suspension notice to the Abuja Electricity Distribution Company (AEDC), the company has sacked its erstwhile management and has announced the appointment of a new leadership in its place.
A statement by AEDC on Monday stated that Chijioke Okwuokenye had been appointed the acting managing director, with immediate effect. He replaced Victor Ojelabi who was appointed about seven months ago.
The TCN had a few days ago issued a suspension order to the company over its non-compliance with the conditions of the market rules and market participation agreement.
AEDC supplies electricity to Abuja, Kogi, Nasarawa and Niger states, while TCN is the wholly federal government-owned company that transmits the electricity produced by power generation companies to power Distribution Companies (Discos) across the country.
In the suspension order, the TCN had said that the company failed to provide adequate bank guarantee to it, a development that contravened the power market rules.
“In view of this non-compliance, AEDC is hereby suspended from the Market Operator (MO) administered electricity market. No new contract or agreement shall be entered into with AEDC within the suspension period,” TCN stated.
But in the statement by the power distributor, it stated that the appointment, which was part of the ‘transformation agenda’ of the company, will see Okwuokenye drive the positioning of AEDC as the foremost, customer-focused electricity distribution company in the Nigerian power sector.
Prior to his appointment, the company said he served as the AEDC’s Chief Operating Officer, where he oversaw strategic support units and embedded generation projects of the company.
“He brings to the role a wealth of experience and expertise in the power sector, as well as a passion for the attainment of the vision for the Nigerian electricity supply industry,” the firm added.
Speaking on the appointment, the Chairman of the Board of Directors, Dr. Stanley Lawson, said: “Chijioke Okwuokenye is an experienced leader who has been a part of the company’s transformation agenda and is well suited to drive its corporate turnaround.
“I am confident that, with his technical and commercial background, he will continue to drive value for all AEDC stakeholders”.
The company also announced the appointment of Olumide Jerome as the Chief Operating Officer.
Prior to this, the statement said he served as one of the company’s Chief Business Officers, explaining that he will drive efficiency and operational excellence across the company as part of his new responsibilities.
AEDC said it was committed to delivering dependable electricity to millions across the nation’s key commercial centres in its franchise areas.
In May 2023, a Transcorp-led consortium, became the core investor in AEDC, following its 60 per cent acquisition of the company’s shares.
It would about the fourth time that the company will be sacking its management in less than three years and about the seventh in 10 years.
In March 2022, Akinwumi Bada resigned as the managing director of the company, paving the way for Adeoye Fadeyibi, who threw in the towel in August 2023 as the chief executive of the company.
Fadeyibi was succeeded by Mr Christopher Ezeafulukwe who resigned in January, paving the way for Victor Ojelabi, who has just been fired by the company.
Ojelabi was the 6th chief executive of the company in around 10 years. The others were: Neil Croucher; Ernest Mupwaya (longest serving); Bada; Fadeyibi and Ezeafulukwe.
First published in Thisday