The Nigerian Electricity Regulatory Commission (NERC) announced the dissolution of the board of directors of Kaduna Electricity Distribution Company on Monday, citing the Disco’s inability to settle a N110 billion debt owed to the Nigeria Electricity Supply Industry.
The regulatory order, dated January 1, 2024, and signed by NERC Chairman Sanusi Garba and Vice Chairman Musiliu Oseni, outlined the dissolution and initiated the process of selling the power firm.Kaduna Disco is one of five Discos that faced takeover by funders due to the failure of core investors to repay borrowed funds used for acquisition during privatization in 2013.
The Federal Government had previously revealed plans for the takeover of Kano, Benin, and Kaduna electricity distribution companies by Fidelity Bank Plc in July 2022.
Following this, Umar Hashidu was appointed as the administrator of Kaduna Disco, taking over in accordance with section 75 of the Electricity Act during a handover ceremony at the company’s headquarters in Kaduna.
Source: PUNCH