EKEDC crisis deepens as shareholders fight for control

.Board upholds Sanda as CEO despite chairman’s stance

Crisis in Eko Electricity Distribution Company Plc (EKEDC) has escalated as shareholders and management engage in tussles, capable of disrupting operational effectiveness of the utility company.

The company has been embroiled in allegations of fraud, purportedly involving certain employees, notably the Chief Legal Officer (CLO), Wola Joseph-Condotti. He was accused of facilitating ghost workers within the company.

The ghost workers, reportedly on the company’s payroll for three years, allegedly served as conduits for siphoning financial benefits due to the Federal Government and the DISCO’s majority shareholder.

The CLO’s action was said to have angered certain members of the Board of Directors.
Unfortunately, all attempts to ignore the matter were met with stiff resistance from the employee union, NUEE, which insisted on justice.

Also, uncertainty has surrounded a prior declaration made by Eko Electricity Distribution Company (EKEDC) regarding the replacement of its Managing Director/Chief Executive Officer, Dr Tinuade Sanda, with the Chief Commercial Officer, Rekiat Momoh.

The head, Legal and Regulatory Committee of the DisCo, Babor Egeregor, in a statement, had defied the earlier directive by the Chairman, EKEDC, Dere Otubu, who announced the removal of Sanda as the Chief Executive Officer of the company.

The DisCo, yesterday, had announced the appointment of Momoh as the Acting CEO of the company amid the redeployment of their erstwhile MD/CEO Sanda back to WPG Ltd, the core investor, who seconded her to the DisCo.

Egeregor stated that the decision to remove Sanda did not align with the Nigeria Electricity Regulatory Commission’s (NERC) directive, which specifically addressed individuals implicated in allegations of fraud and negligence.

He emphasised that NERC’s directives were issued to compel the Board of EKEDC, following picketing by the union and staff protests, to act appropriately in the face of a determined position of a majority of the Board members to cover up the alleged use of ghost workers together with the alleged fraud and protect Wola Joseph Condotti especially.

He further mentioned that the board acknowledged an alleged press statement appointing Rekiat Momoh as the Acting MD/CEO. However, he clarified that they had not convened or made any decisions regarding Momoh’s purported appointment as acting MD/CEO.