Nigeria Electricity Regulatory Commission (NERC) has cancelled the licence of Kaduna Electricity Distribution Company and appointed a sole administrator.
The company, according to an order, NERC/2024/00, dated January 1, 2024, is owing the Nigerian Bulk Electricity Trading Company (NBET) and market operator about N110 billion.
This comes as Afreximbank seeks to recoup its investments of over $119 million in the utility.
NERC, in the order signed by chairman of the regulatory body, Garba Sanusi, sacked all directors of the DisCo, led by Yusuf Yahaya, and dissolved the board.
A new Chief Executive Officer, Dr Umar Abubakar Hashidu was immediately appointed and assumed office yesterday.
The regulator said the new administrator would work with a team of special directors to constitute non-executive directors of the board for governance purposes.
NERC stated in the order that Kaduna DisCo consistently…
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