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2 clusters · 11 sources · 8 days · First seen about 1 month ago · Last updated 25 days ago

NERC intervention in Kaduna Electricity Distribution Plc

Overview

The Nigerian Electricity Regulatory Commission (NERC) intervened in Kaduna Electricity Distribution Plc (KAEDC) following the discovery of approximately N456.5 billion in cumulative market debt. The regulator dissolved the existing board, citing severe financial instability, high technical and commercial losses exceeding 71 per cent, and significant capital expenditure shortfalls.

To stabilize the utility, NERC established a five-member Interim Board of Special Directors led by Chairman Dr. Abdullahi Garba. The interim board is tasked with addressing metering deficits and improving operational performance over a 12-month period. Additionally, Afreximbank has been requested to coordinate a competitive process to secure a new core investor for the company.

Entities

Afreximbank · Kaduna Electricity Distribution Plc · Nigerian Electricity Regulatory Commission · Bureau of Public Enterprises · Musiliu Oseni

Timeline

25 days ago

[BUSINESS] 5 sources
NERC appoints interim board for Kaduna Electricity Distribution Plc
NERC has appointed an interim board for Kaduna Electricity Distribution Plc to resolve N450 billion in debt and high operational losses, amid expert warnings regarding Nigeria's power privatisation model.
about 1 month ago

[BUSINESS] 8 sources
NERC dissolves Kaduna Electricity Distribution Plc board over N456.5bn debt
NERC has dissolved the board of Kaduna Electricity Distribution Plc due to N456.5 billion in debt and operational failures. An interim board has been appointed to oversee the utility during a search for a new's

Sources

bizwatchnigeria.ng · businessday.ng · championnews.com.ng · filmlifestyle.com · newscentral.africa · platinumpost.ng · punchng.com · theglittersonline.com.ng · thewhistler.ng · thisdaylive.com · von.gov.ng