Electricity consumers from the Federal Capital Territory; Nasarawa, Niger, and Kogi States are in for rough times owing to a ruthless revenue drive being spearheaded by Mr. Adeoye Fadeyibi, on behalf of United Bank for Africa, UBA.
UBA is a major creditor to AEDC. Technically, UBA owns the Abuja Electricity Distribution Company AEDC as it stands now. This followed several loan defaults by the electricity distribution company via its UBA Account No. 1019269503.
An insider source said that Tony Elumelu routed for Fadeyibi after the later set up structures in Eko Electricity Distribution Company EKDC that saw revenue skyrocketing and operational costs and losses down. Fadeyi’s feat in Elumelu’s Transcorp Power Ltd, Ugbelli where he ramped up power generation of the company from its abysmal 164MW to 634MW within interval of 25 months was too glaring to be overlooked and needs to be replicated in AEDC, by Tony Elumelu’s estimates.
Other accounts the company maintains with UBA include AEDC Impress Funding Account No. 22174094498. This account has become a conduit through which billions of Naira were fleeced under the subheading – Operational impress. For instance, between October and December, 2018, a total of N1,579,015,000 was mopped into the account as imprest. UBA Account No 10176666012 is believed to be another suspicious account with which the erstwhile management of AEDC carried out their acts.
Other AEDC accounts with UBA include account no. 1019034680. This account, according to investigation was used to sweep funds which were later diverted to yet another UBA account No 1017547366.
Another interesting activity uncovered is a UBA Account No.1017681365, allotted to AEDC WAMBA, Nasarawa State. The account is shrouded in secrecy and may have been used as a veritable conduit for diversion of funds. AEDC Okene Area Office with UBA account numbers 1021027984 and 1017805387 are two of the many accounts of AEDC that were structured to be leveraged to soothe the stealing appetite of the erstwhile management of AEDC.
According to a discreet source, the former management played a conscious, pre-meditated role that paved way for UBA acquisition of AEDC.
Kabba AEDC Account No 1017805387 was another porous and specially structured account allegedly used in fleecing the Federal Government.
Mr. Fadeyibi prior to being drafted to AEDC by Tony Elumelu-led UBA worked as the Managing Director and Chief Executive Officer of Transcorp Power Limited, Ugbelli. The company is owned by Tony Elumelu. Mr Fadeyibi career path has as well cut across Eko Electricity Distribution Company where he was the MD/CEC as well as General Electricity.
A discreet source who spoke to LeadingReporters on condition of anonymity said that Mr Fadeyibi is on a mission. A ruthless mission to bend all known rules in the bank’s bid to recover all the monies and loans AEDC owns UBA.
“His mission from his paymaster is clear – Bend all rules, squeeze all sources and get us all the money. Unfortunately, the consumers are the ones to be squeezed in a sector where regulators are in the pockets of the players. It is a pathetic situation”.
The electricity consumers with the capital territory and its neighboring states are in for a hard and sad time as the move by UBA would see them paying for more and getting less in terms of quality service.
“Money, revenue, more revenue and more profits are now the drive force in AEDC”
“The former guys were hired to play the role they played that paved way for UBA to take over AEDC. AEDC is one of the electricity distribution companies that has proved to be viable. UBA management has been eyeing the company and incessant loan was the best way to dive in”.
UBA continued to avail its loan spree to AEDC, targeting that a time would come when AEDC would not be able to meet its financial obligation to the bank, thereby paving way for outright ownership.
“Tony Elumelu understands the viability of AEDC, being someone whose company Transcorp Power Limited is a player in the power sector”. The source said.