Business News
Fidelity Bank takes over Kano, Benin and Kaduna DisCos
The Federal Government on Wednesday night announced the takeover of Kano, Benin and Kaduna electricity distribution companies by Fidelity Bank Plc after the bank initiated action to take over the boards of the three Discos.
Also, the government through its Bureau of Public Enterprises, announced that with the takeover of Ibadan Disco by the Asset Management Corporation of Nigeria, the BPE had obtained approval from the Nigerian Electricity Regulatory Commission to appoint an interim managing director for the distressed power firm.
The government further stated in a restructuring notice that it was restructuring the management and board of Port Harcourt Disco to forestall the imminent insolvency of the utility.
The notice was signed by the Director-General, BPE, Alex Okoh; and Executive Chairman, NERC, Sanusi Garba.
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