{"id":62203,"date":"2022-07-06T22:12:20","date_gmt":"2022-07-06T21:12:20","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=62203"},"modified":"2022-07-06T22:12:20","modified_gmt":"2022-07-06T21:12:20","slug":"no-basis-for-takeover-of-bedc-says-management","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/no-basis-for-takeover-of-bedc-says-management\/","title":{"rendered":"No Basis For Takeover Of BEDC, Says Management\u00a0"},"content":{"rendered":"<div class=\"H_1BObGP iz_FF\" data-test-id=\"message-group-content\" data-touch-scroll-enabled=\"true\">\n<div class=\"k_w jb_7ceA d_93qVS D_F ek_BB\">\n<div class=\"U_fq7 em_N\" data-test-id=\"message-card\">\n<div class=\"U_6MGW\">\n<div data-test-id=\"message-view-body\">\n<div class=\"msg-body P_wpofO iy_A\" data-test-id=\"message-view-body-content\">\n<div class=\"jb_0 X_6Fd5 N_6Fd5\">\n<div data-test-id=\"message-body\">\n<div id=\"yiv6919270161\">\n<div>\u2026 assures customers, stakeholders of continuing operations<\/div>\n<div><\/div>\n<div>The management of Benin Electricity Distribution Company (BEDC) Plc has said there is no legal basis for the takeover of the company following the purported activation of the call on its collateralised shares by Fidelity Bank.<\/div>\n<div><\/div>\n<div>The purported activation seeks to take over the respective Boards of Kano Electricity Distribution Company, Kaduna Electricity Distribution Company and BEDC Electricity Plc (the DisCos) over the inability to repay the loans obtained to acquire majority stakes in the DisCos in furtherance of the 2013 privatisation exercise.<\/div>\n<div><\/div>\n<div>The company said in a statement released in Benin today that, \u201cThe referenced report also alleges that certain parties have been appointed as Board Members, Independent Directors and Managing Directorof BEDC Electricity Plc. We understand these appointments have been communicated to the Bureau of Public Enterprises (BPE) and the Nigerian Electricity Regulatory Commission.\u201d<\/div>\n<div><\/div>\n<div>However, the management of BEDC stated unequivocally that, \u201cThere is no contractual, statutory or regulatory basis for such.\u201d The statement added that, \u201cFor the avoidance of doubt, the shares of BEDC have not been given as security to Fidelity Bank or to any other party.\u201d<\/div>\n<div><\/div>\n<div>According to the statement, \u201cAs we understand it, Vigeo Holdings Limited (VHL &#8211; a non-shareholder of BEDC) obtained credit facilities from Stanbic IBTC Bank Limited, Fidelity Bank Plc, and Keystone Bank Plc (the VHL Lenders).<\/div>\n<div><\/div>\n<div>\u201cWe further understand that the said credit facilities (and any enforcement action in relation thereto) have in the meantime become subject of litigation in a Court action instituted by VHL and other plaintiffs (the VHL Action) with Suit No: FHC\/L\/CS\/239\/22 &#8211; Vigeo Holdings Limited and 4 Ors v. Stanbic IBTC Bank Limited, and therefore, subjudiced.\u201d<\/div>\n<div><\/div>\n<div>The management of BEDC Electricity Plc warned that, \u201cAny attempt by Fidelity Bank and\/or BPE to intervene in BEDC in the manner being reported will be illegal, unlawful and will be resisted.\u201d<\/div>\n<div><\/div>\n<div>Consequently, the company urged its customers, investors and partners in the electricity business to ignore the trending reports while assuring them of continuing smooth operation and that it remains, \u201cFocused on its mission to ensure delivery of quality and reliable electricity to the good people of Edo, Delta, Ondo and Ekiti States.\u201d<\/div>\n<div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/p><div data-ad-id=\"32665\" style=\"text-align:center; margin-top:0px; margin-bottom:0px; margin-left:0px; margin-right:0px;float:none;\" class=\"afw afw_ad_image afw_ad afwadid-32665  \">\r\n                                                            <div style=\"font-size:10px;text-align:center;color:#cccccc;\">Advertisement<\/div>\r\n\t\t\t\t\t\t\t<a target=\"_blank\" href=\"http:\/\/www.accessbankplc.com\" rel=\"nofollow\"><img decoding=\"async\" height=\"auto\" max-width=\"100%\" src=\"https:\/\/nationalwire.com.ng\/wp-content\/uploads\/2019\/06\/Banner-1.jpg\"><\/a>\r\n                                                                        \r\n\t\t\t\t\t\t\t<\/div><!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The management of Benin Electricity Distribution Company (BEDC) Plc has said there is no legal basis for the takeover of the company following the purported activation of the call on its collateralised shares by Fidelity Bank<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":6,"featured_media":10793,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[5099],"coauthors":[2391],"class_list":["post-62203","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-bedc"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.9 - 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