EKEDC crisis deepens as shareholders fight for control

Board upholds Sanda as CEO despite chairman’s stance

Cin 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.