UBA Archives - Leading Reporters

UBA PLc is now the owner of the Abuja Electricity Distribution following the failure of the majority owners, the KANN Consortium to service their debt.

It was the UBA that sacked the management as it assumed control, not President Muhammadu Buhari as widely reported on Tuesday.

The Ministry of Power made the clarification in a statement today.

“The attention of the Federal Ministry of Power has been drawn to publications in the print and electronic media relating to recent changes in the ownership structure and management at the Abuja Electricity Distribution Company PIc (“AEDC”).

“While noting that the news has largely been communicated out of context, the Ministry wishes to notify all stakeholders that the AEDC has, of recent, been facing significant operational challenges arising from a dispute between the core investors (KANN consortium) as owners of 60% equity in AEDC and the UBA as lenders for the acquisition for the majority shareholding in the public utility.

“The situation has currently deteriorated due to lack of access to intervention finances leading to a point whereby legitimate entitlements of the staff are being owed thus leading to service disruptions on 6th December 2021 within its franchise area.

The Federal Ministry of Power has since taken the initiative to engage organised labour and electricity service has since been restored in the FT and the states served by AEDC.

“The UBA, as a lender, and in exercising its rights over the shares of KANN Consortium in AEDC, has taken over the shares of the obligor in the AEDC. This takeover of the majority stake in AEDC by UBA has consequently led to the reported changes in the
management of AEDC.

“The changes in shareholding in AEDC and the appointment
of an interim management for AEDC by the shareholders has been endorsed by the Nigerian Electricity Regulatory Commission (the industry regulator) and the Bureau of Public Enterprises (“BPE” as co-shareholders in AEDC).

“The Honourable Minister of Power, Engr. Abubakar Aliyu, wishes to reaffirm the commitment of the Federal Ministry of Power for working with all stakeholders to ensure service continuity in all areas served by the AEDC”.

Many reports yesterday said it was President Buhari who asked the Bureau of Public Enterprises to sack AEDC management and appoint a new one.

Financial records unveiled by the League of Patriot, exclusively obtained by LeadingReporters, has alleged that AEDC uses different accounts, mainly domiciled with the United Bank of Africa, UBA and recently, Fidelity Bank to perpetrate these nefarious acts.

The accounts include AEDC Impress Funding Account with UBA. Account No. 22174094498. This account has become a conduit through which Billions of Naira are fleeced under the subheading – Operational imprest. For instance, between October and December, 2018, a total of N1,579,015,000 was mopped into the account as impress.

It was John Perkins, the author of “Confession of An Economic Hitman” who said that electricity, industrial parks, highways and ports are the things that made huge profits for companies that are sent to wreak havocs on the economies of target-nations.

Perkins’s confession in his widely-read book gives a clue to why Nigerians, the Federal Government and electricity consumers would remain at the mercy of companies like Abuja Electricity Distribution Company AEDC. Mr. Perkins went further to expose how they coopt local greedy economic jackals in government offices, the banking and other strategic sectors in any country of their interest to ensure that their appetite to ruin and hold the people in perpetual poverty are sealed.

AEDC activities, according to investigation carried out by group of concerned Nigerians under the umbrella of League of Patriots revealed that the company is structured to fleece Nigeria, exploit the people, defraud the system, evade tax and by extension divert all the proceeds of their loots to their agents both locally and internationally.

The group has promised to work with the anti-corruption agencies, especially the Economic and Financial Crime Commission under its new leadership that has expressed interest to institute a probe in the power sector.

Another Imprest Account as claimed by Leagues of Patriots is Account No. 1017666012, with United Bank of Africa, which is used for these alleged nefarious activities. Investigation carried out by the group revealed further that Account No. 1019034680 with UBA is used to sweep funds which are later diverted to yet another UBA account No 1017547366.

Furthermore, yet another account uncovered by the group is a UBA Account No.1017681365, allotted to AEDC WAMBA, Nasarawa State. A close investigation revealed that the said account is not linked to any TIN no, which makes it hard for Government to collect its tax from AEDC.

AEDC Okene Area Office with Account No 1021027984 with UBA is one of the many accounts of AEDC that were structured to evade tax as all proceeds from Okene axis were technically structured to evade tax.

Kabba AEDC Account No 1017805387 is another porous and specially structured account allegedly used in fleecing the Federal Government. Recall that the Federal Government of Nigeria has 40% stake in AEDC through its agency, Bureau of Public Enterprises. The agency, according to League of Patriots has become a willing partner in crime in short-changing the Government and the people of Nigeria.

All efforts to get AEDC to address the issue proved abortive as no replies were given to mails sent to them, for official response despite series of promises from the communication and accounts units of AEDC to do so

UBA

Breaking: UBA Plc takes over ownership of AEDC

Revealed: How AEDC Spent Over N16b In a day On Admin. Expenses; Allegedly Evade Tax and Use Inflated Costs to Shortchange FG (Part 1)

Financial records unveiled by the League of Patriot, exclusively obtained by LeadingReporters, has alleged that AEDC uses different accounts, mainly domiciled with the United Bank of Africa, UBA and recently, Fidelity Bank to perpetrate these nefarious acts.