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Crisis hits Eko Disco as chairman and directors disagree on Dr. Tinuade Sanda’s sacking

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Members of the board of the Eko Electricity Distribution Company are at loggerheads over the sack of the company’s Managing Director/Chief Executive Officer, Dr Tinuade Sanda.

We reported that the firm replaced Sanda with Mrs Rekhiat Momoh, who was said to have taken over on Tuesday.

It was gathered that Sanda’s sack was communicated through a letter signed by the EKEDC Chairman, Dere Otubu, on March 25.

According to Otubu, the decision to relieve Sanda of her duties followed a directive from the Nigeria Electricity Regulatory Commission.

“We have received a directive from NERC stating that all staff working for the utility must be employed directly by the utility, bound by applicable service conditions that are applicable to the employees of the utility, and paid through the utility’s payroll.

“The Disco is obligated to comply with these directives due to the powers of NERC as stipulated in the Electricity Act 2023. In compliance with the aforementioned directive, all seconded staff from WPG Ltd are being released by Eko Electricity Distribution Plc and returned to WPG Ltd.

“Accordingly, you are hereby relieved of your role, office, and position at Eko Electricity Distribution Plc effectively immediately, and returned to your employer, WPG Ltd,” Otubu had said.

We reported earlier that some senior staff members of the Eko DisCo were recently accused of ghost worker recruitment, fraud and negligence; a claim the firm said was unfounded.

Reacting to the allegation, NERC ordered thorough investigations, while directing that all existing WPG secondees be returned to their original employer.

While announcing the change of leadership, the DisCo said, “We wish to inform the general public that Mrs Rekhiat Momoh has on 26th March 2024 assumed the role of Acting CEO of Eko Disco.

“This follows the redeployment of our erstwhile MD/CEO Mrs Tinuade Sanda back to WPG Ltd, the core investor who seconded her to Eko Disco.

“We have great confidence in her ability to perform this role effectively and take the company to greater heights,” the EKEDC said.

However, in a rebuttal on Wednesday, a Director and Chairman of the Legal & Regulatory Committee, Mr Babor Egeregor, disagreed with the chairman over the sack of Sanda.

He said the NERC did not order the removal of any staff either seconded to or hired by EKEDC, except those connected to the alleged fraud and negligence.

“It has come to my notice that by a letter dated 26th of March 2024, the Chairman of EKEDC, Mr Dere Otubu, purportedly terminated the Contract of Employment of Dr Tinuade Sanda, the MD/CEO of EKEDC, allegedly in compliance with orders/directives issued by the NERC.

“The said order of the NERC, herein displayed, are unambiguous, incapable of, and unyielding to plural interpretations. There was nowhere in the order where NERC requested the removal of any staff either seconded to or hired by EKEDC, except those connected to the alleged fraud and negligence i.e., Wola Joseph Condotti, Sheri Adegbenro, and Aik Alenkhe,” he said.

According to Egregor, NERC’s directives were issued to compel the board of EKEDC, following picketing by the union and unrelenting staff protests, “to act appropriately in the face of the determined position of a majority of the board members to cover up the alleged use of ghost workers together with the alleged fraud and protect Wola Joseph Condotti, especially”.

“Mr Dere Otubu’s letter, therefore, was done in bad faith and in vengeful revenge against the MD/CEO for escalating the alleged fraud and issuing queries against one of his protégés, whom he has desperately sworn to protect by all means.

“Rather than comply with the orders of NERC, a recourse to subterfuge was hatched with the purported termination. There are no doubts about a deliberate agenda and unconcealed mischief to misread the orders of the NERC to malign Dr Sanda’s reputation for daring to escalate and issue queries to Wola Joseph Condotti for alleged fraud through the use of ghost workers for three years, and continuous payment of salaries to exited staff despite personally receiving their resignation letters,” Egregor stated.

He added that similar queries were issued to the Chief Audit and Compliance Officer, Sheri Adegbenro, and the Chief Human Resources Officers, Aik Alenkhe, “for their failure and gross negligence to audit and detect fraudulent payments on payroll for over three years”.

On the appointment of Momoh as the Acting MD/CEO, Egregor said, “The board of EKEDC, on which I sit, has neither met nor decided on the purported appointment of Mrs Rekiah Momoh as Acting MD/CEO, except Mr Otubu and his close circle of colleagues have transformed themselves into ‘the board’.

“I and all well-meaning members of the EKEDC board, I believe, should vehemently distance themselves from this contrivance.

“The board is not a one-man show, and matters are to be collectively deliberated on and approved by Board members. Mrs Momoh is the Chief Commercial Officer of EKEDC and remains so.”

Amid the allegations of fraud, the director took pride in saying that the EKEDC was known for due process and legality, adding that anything that would erode the commitment to due process and corporate governance would be resisted.

“Therefore, let it be known that Dr Tinuade Sanda remains the MD/CEO of Eko Electricity Distribution Company and has since her assumption of office as the MD/CEO, turned EKEDC around for good, with very great milestones and achievements which every sector player recognises.

“She made EKEDC the number one distribution company in Nigeria. The investors, board, and management of EKEDC believe firmly in her leadership and look forward to many more record-setting and breaking moments,” he submitted.

Contacted, the EKEDC spokesperson, Babatunde Lasaki, told our correspondent that Sanda was not sacked but only asked to step aside “until the realignment of the structural management process is completed”.

According to Lasaki, Momoh was appointed to avoid a vacuum.

Business

NNPC announces downtime on recruitment portal over unprecedented traffic

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The Nigerian National Petroleum Company (NNPC) Limited has announced that its job application portal is currently experiencing downtime due to an ‘unprecedented’ surge in traffic.

On Friday, NNPC announced a recruitment exercise for qualified candidates, with the application period set to close on August 20.

Checks by Vanguard revealed that the agency’s website is displaying server error messages.

In response via X, NNPC stated that their technical team is actively working to resolve the issue.

“Due to unprecedented traffic to the NNPC Ltd. career page from applicants applying for vacancies, the site is currently experiencing slow load times,” the statement reads.

“Our technicians are working diligently to rectify the problem as quickly as possible. Please be assured that the application process deadline remains August 20, 2024.”

NNPC also reassured applicants of a transparent and merit-based recruitment process, urging capable Nigerians to take advantage of this unique opportunity.

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Zenith Bank seeks NGX approval to sell 5bn shares through rights issue

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Zenith Bank Plc has sought approval from the Nigerian Exchange (NGX) Limited to sell 5.23 billion shares through rights issue to raise N188.37 billion.

According to a statement on Wednesday signed by Godstime Iwenekhai, head of the issuer regulation department at NGX, the qualification date for the rights issue is July 24.

NGX said Zenith Bank applied for the approval through Stanbic IBTC Stockbrokers Limited, the lender’s its stockbroker.

The capital market regulator said Zenith Bank plans to list a rights issue “of Five Billion, Two Hundred and Thirty-Two Million, Seven Hundred and Forty-Eight Thousand, Nine Hundred and Sixty-Four (5,232,748,964) ordinary shares of 50 Kobo each at N36.00 per share on the basis of one (1) new ordinary share for every six (6) existing ordinary shares held as at the close of business on Wednesday, 24 July 2024″.

On April 12, Zenith Bank announced plans to raise an undisclosed amount in the international and Nigerian capital markets.

According to the company, the funds shall be raised through the issuance of ordinary shares, or preference shares, whether by way of private placement, rights issue or both.

The company also said the board would propose increasing its issued share capital — from N15,698,246,893.50 to N31,396,493,787 — at the AGM.

Zenith Bank’s plan to raise capital comes after the Central Bank of Nigeria (CBN), on March 28, directed commercial, merchant and non-interest banks to increase their minimum capital requirements.

CBN adjusted the capital base for commercial banks with international licences to N500 billion, while national and regional financial institutions’ capital bases were pegged at N200 billion and N50 billion, respectively.

With a capital base of N270.75 billion, Zenith Bank needs N229.25 billion to reach the minimum capital requirement of N500 billion.

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‘600k households paid’ as FG resumes cash transfer scheme

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Wale Edun, the minister of finance, says over 600,000 households have benefited from the direct cash transfer programme of the federal government following the resumption of payments.

Edun spoke on Thursday in Abuja during the half-year review ministerial press briefing, themed, ‘Economic Recovery and Growth: Progress and Prospects 2024’.

On July 18, 2023, President Bola Tinubu ordered an immediate review of the conditional cash transfer scheme — an intervention initiative coordinated by the national social investment programme agency (NSIPA).

The president later suspended all programmes administered by NSIPA for six weeks, as part of a probe of alleged malfeasance in the management of the agency and its programmes.

During a radio interview session in Kaduna, Mohammed Idris, the minister of information and national orientation, disclosed the federal government’s plan to resume the intervention schemes.

Speaking at the press briefing, the minister reiterated Tinubu’s commitment to the welfare of ordinary Nigerians and the government’s efforts to ensure transparency and accountability in its social protection initiatives.

“Following the resumption of payments, over 600,000 households have already received this direct transfer this week,” Edun was quoted as saying in a statement by in a statement on by Mohammed Manga, the ministry’s director of information and public relations.

Edun said the government has made significant strides in its economic reforms, “well on its way to achieving a step-change in the revenues of the government; closely in line with the budget for 2024”.

He also announced the government’s exit from the ways and means borrowing mechanism, highlighting successes of the government’s reforms while citing a projected budget deficit of 4 percent in the 2024 fiscal year.

Edun acknowledged the temporary hardships caused by the reforms but assured that Nigerians would soon benefit from the expected outcomes.

He said the government’s “well-coordinated economic policies are beginning to yield results, evidenced by the deceleration in inflation growth, a rise in foreign investments compared to the same period last year”.

The minister said one of the major priorities of the incumbent government in the immediate term is to reduce food prices and focus on providing all the necessary support to increase local food production, given the impact of high food prices on inflation.

He said efforts are underway to achieve this goal.

The minister said with the outcome of the first half of 2024, “the economy is turning the corner.”

Edun added that with macroeconomic stability, the economy is being well positioned for sustained and inclusive growth that creates jobs, lifts millions out of poverty, and drives domestic and foreign investments that would improve the general wellbeing of the average Nigerian.

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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