From Abubakar Y Ojima, Abuja
The National Council on Privatisation (NCP) says the restructuring of Benin Distribution Company (BEDC) results from a contractual agreement between Fidelity Bank and Vigeo Power Limited, a core investor in the DisCo.
NCP said this on Wednesday in a statement signed by Alex Okoh, director-general, Bureau of Public Enterprises (BPE).
The federal government had said Fidelity Bank Plc commenced plans to finalise the takeover of Benin, Kano, Kaduna, Ibadan, and Port Harcourt electricity distribution companies (DisCos).
However, a federal high court in Abuja gave an order of interim injunction, dated July 8, restraining the bank from taking over Benin Electricity Distribution Company Plc (BEDC).
According to the statement, the action was initiated by Vigeo Power Limited, the majority shareholder of BEDC.
Meanwhile, on July 7, the management of BEDC issued a statement, saying “any attempt by Fidelity Bank and/or BPE to intervene in BEDC in the manner being reported will be illegal, unlawful and will be resisted”.
Reacting to the development in the statement on Wednesday, NCP said the restructuring of the DisCos were concluded before the court order was issued.
“The attention of the National Council on Privatisation (NCP or council) has been drawn to an interim order of the federal high court dated 8th of July, 2022, in respect of a suit between Vigeo Power Limited vs. Fidelity Bank Plc and seven others over the board composition of Benin Electricity Distribution Company (BEDC),” the council said.
