Court Restrains Federal Govt, Others From ‘Unlawfully’ Taking Over BEDC

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The action was initiated by Vigeo Power Limited, the majority shareholder of BEDC,

The applicant also prayed for an order of interim injunction restraining NERC and CAC, whether directly by themselves or indirectly, through their directors, managers, officers, employees, servants, consultants, attorneys, agents, representatives, privies, however so-called, persons acting under their instructions and control, including the entities set out in to this application from registering or recognising Henry Ajagbawa, Charles Onwera, Yomi Adeyemi, K.C.

Vigeo Power is seeking these prayers from the court following the activation of the call on the collateralised shares of Kano Electricity Distribution Company, Kaduna Electricity Distribution Company and BEDC Electricity Plc recently in a bid to take over the respective boards of the DisCos over the inability to repay the loans obtained to acquire majority stakes in the DisCos in furtherance of the 2013 privatisation exercise.

 

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How do you define 'unlawful take over'. Give us light, you said no. Then allow new management to do the work since you can't deliver, you are using court to oppose the move even with your poor performance. Na wa o. Government should do the needful I beg.

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