The Nigerian Electricity Regulatory Commission (NERC) has dissolved the board of Kaduna Electricity Distribution Plc (KAEDC) and appointed an interim board to oversee the company as it searches for a new core investor.
The regulator said the decision followed persistent financial and operational weaknesses at the DisCo, including high losses, poor market remittances, low metering and inadequate investment.
Following the dissolution, NERC has removed all directors of KAEDC and dissolved the existing board. The commission has appointed an interim board of special directors, while Abubakar Umar Hashidu, the incumbent managing director, has been appointed administrator for an initial six-month period.
Hashidu will continue to oversee day-to-day operations while implementing the interim board’s decisions and NERC’s directives.
Looking further into the situation, BusinessDay breaks down what the dissolution of the DisCo means. Here are 8 things you need to know about the dissolution of the Kaduna DisCo board:
