In order to recoup a $122 million debt that the Disco owes it, the United Bank for Africa has made arrangements to sell the Abuja Electricity Distribution Company. With government clearance, the lender had taken over the disco in December 2021.
In 2013, Kann Consortium acquired AEDC with a loan from UBA, giving it a 60% ownership position in the Disco. In the Nigerian government’s effort to privatize the power sector, the takeover of the disco represented a significant debt default.
The alleged changes in the AEDC’s management are a direct result of UBA acquiring the controlling share in that organization.
According to him, the AEDC’s shareholding has changed, and interim management has been appointed for the Disco by the shareholders had been endorsed by the Nigerian Electricity Regulatory Commission and the Bureau of Public Enterprises (as co-shareholders in the AEDC).
The AEDC is the licensed utility that serves end-use electricity customers in Kogi, Nasarawa, Niger States and the Federal Capital Territory.