TheCable

Victor Osadolar has been appointed as the interim board chairman of the Abuja Electricity Distribution Company (AEDC).

Last week, the Nigeria Electricity Regulatory Commission (NERC) and the Bureau of Public Enterprises (BPE) approved the sack of the management of AEDC. They had said the decision was based on legal processes arising from the failure of the core investor to meet its obligations to a lender (United Bank for Africa Plc).

On Friday, the Bureau of Public Enterprises (BPE) named Bada Akinwumi as interim managing director.

Osadolor, the interim board chairman, is currently Chairman of UBA Pensions, a non-executive director of African Finance Corporation (AFC), and former deputy managing director of the United Bank for Africa (UBA).

“He is a seasoned finance and business turnaround expert with over three decades of corporate experience. He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an honorary life member of the Chartered Institute of Bankers of Nigeria (CIBN).

“Alex Okoh is also a member of the board and is currently the director-general of the Bureau of Public Enterprises (BPE).

“He is currently a member of the Presidential Economic Advisory Council and has over three decades of corporate experience in general management, leadership, banking, and organisational development.

“During his career in the banking sector, he served in a variety of leadership roles, including corporate banking, operations, treasury, as well as initiating and designing transformative projects and processes.

“Other members of the board include Atiku Abubakar Tambuwal, Sam Adikamkwu; a legal practitioner and former chief legal adviser at the United Bank for Africa (UBA); and Muyiwa Akinyemi, seasoned accountant and a current group executive at the United Bank for Africa (UBA).”

Addressing the staff, Osadolor assured that the board will be committed to the task given.

“I want to assure you that the new Board of Directors is committed to the well-being of our employees,” he said.

“May I please request that all employees and stakeholders remain steadfast and support the interim management as they embark on the transformation of the business for our collective benefit.

“I thank you all for the sacrifices and commitment thus far as we begin this refreshing chapter of our corporate journey.”