IBADAN—THE Board of the Ibadan Electricity Distribution Company, IBEDC, has expressed shock and disbelief on the decision of the Nigerian Electricity Regulatory Commission, NERC, to suspend all executive and non-executive directors of IBEDC, describing the suspension as unwarranted and injudicious.
In a statement by the company’s secretary, Mr. Seye Alayande, the IBEDC said the suspension, which was premised on alleged non-compliance with the repayment terms of investors’ commitment to the company, is not only unwarranted but injudicious given the circumstances and realities of issues at stake.
The statement reads in part: “Firstly, as NERC rightly observed in its Order, IBEDC complied with the payments of the fine and interest on the pre-takeover expenses as imposed by the Regulatory Authority
“Secondly, NERC and IBEDC reached an understanding in respect of the ¦ 5.7billion outstanding due for payment by Integrated Energy Distribution & Marketing Group Limited, IEDMG.
“The two parties reached an understanding that the repayment of the 5.7 billion plus interests would be made from the refund of the sum due from the federal government on the stalled Yola Electricity Distribution Company transaction. This position was to the knowledge of the Bureau of Public Enterprises, BPE.”