Fidelity Bank Takes Over Three Discos, FG Intervenes- Nigeria.

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The Federal Government announced the takeover of Kano, Benin and Kaduna electricity distribution companies by Fidelity Bank. This was after the bank initiated action to take over the boards of the three Discos.

Also, the government through its Bureau of Public Enterprises, announced that with the takeover of Ibadan Disco by the Asset Management Corporation of Nigeria; the BPE had obtained approval from the Nigerian Electricity Regulatory Commission to appoint an interim managing director. This is for the distressed power firm.

The government further stated in a restructuring notice that it was restructuring the management. The notice was signed by the Director-General, BPE, Alex Okoh; and Executive Chairman, NERC, Sanusi Garba.

The BPE stated that Fidelity Bank had informed the bureau that the new board members of Kano Disco include Hasan Tukur (Chairman), Nelson Ahaneku (member), Rabiu Suleiman (member).


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