Business
Buhari Sacks Abuja Disco Board Over Prolonged Internal Wrangling
•Sets up interim management to oversee power company
President Muhammadu Buhari yesterday formally sacked the management of the Abuja Electricity Distribution Company (AEDC), following a prolonged internal power tussle among the owners of the company which affected the welfare of the staff of the distribution company.
A statement by Ofem Uket, a Media Aide to the Minister of State, Power, Mr. Goddy Jedy-Agba, announced that a new interim governing board had been appointed to oversee the day-to-day operations of the electricity distribution company.
Although the decision had been expected long before now, the dissolution of the board was further accelerated by Monday’s industrial action embarked upon by the aggrieved staff of the company over the non-payment of arrears of pensions, allowances, salaries and promotion.
The statement indicated that the sack of the management team was conveyed by the presidency to the federal ministry of power, stressing that the new development takes immediate effect.
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In addition, it stated that the Minister of Power, Aliyu Abubakar and Agba, had earlier intervened through dialogue with the ministry of labour, Bureau of Public Enterprises, and the Nigerian union of Electricity Employees, NUEE, to resolve and call off the 14 hours strike action.
AEDC’s franchise areas include the Federal Capital Territory (FCT), Kogi, Nasarawa, Kaduna and parts of Edo states.
The industrial action by the workers on Monday, had left the affected areas in total blackout between 7 am in the morning to about 8 pm as a result of the strike action.
“The presidential directive as conveyed has also directed the BPE to set up a new management team for the AEDC,” the statement revealed.
Furthermore, the statement noted that a Memorandum of Understanding (MoU), had earlier been jointly signed by Jedy-Agba; the Chairman, Nigerian Electricity Regulatory Commission (NERC), Sanusi Garba; the Director General, BPE, Alex Okoh; as well as Joe Ajaero on behalf of the union, for the suspension of the strike.
“And they have been given 21 days within which the outstanding emoluments and entitlements of staff will be paid,” the statement noted.
It further noted that government, “has described the non-performance and incompetence of the AEDC as a national embarrassment,” saying the suspension of the management team will subsist until further notice.
“At the end of the expansive consultation between the leadership of NUEE and relevant government institutions in the power sector over the industrial action government intervened with the firm arrangement to ensure the payment of the outstanding entitlements of AEDC staff within 21 days counting from the date of the signing of the MoU.
The tussle relating to the board of KANN Utility Company Limited, owners of AEDC had raged for years as the shareholders had continued to differ on decisions and appointments to the board and the management.
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The matter got to a head last year when some investors in the AEDC purportedly announced changes to the governing board of Disco.
At the time CEC Africa Limited (CECA), one of the parties in the matter, had said the board of KANN Utility Company Limited had announced the withdrawal of their nominations to the board of AEDC and their replacement with new nominees.
It had said that the board of KANN proposed the following new directors: Mr. Joe (Joseph) Makoju , Mallam Ibrahim Aliyu, Dr. Olubunmi Peters, Dr. George Nwangwu, and Mr. Faruk Aliyu.
“The board of AEDC has since resolved to accept both the withdrawals and the new appointments,” it said.
But Chairman of the dissolved board of AEDC and KANN, Shehu Malami in a reaction, said the alleged change in the management of the Disco was false.
”For the records the board of AEDC is the only authorised body that can appoint or remove its directors, and has made no such decision in recent time,” he said at the time.
Thisday
Auto
Easter travels: ABC Transport injects 2025 Toyota Hiace buses into operations
Easter travels: ABC Transport injects 2025 Toyota Hiace buses into operations
Ahead of Easter, ABC Transport Plc has added a fleet of brand new, 2025 model Toyota Hiace buses to its operations.
This, it said in a statement, was a strategic move to enhance customer satisfaction and operational reliability.
It aligns with the company’s mission of providing safer, more reliable, and comfortable travel experiences, particularly during the busy Easter season.
The new vehicles, which are equipped with state-of-the-art GPS trackers and speed limiter devices, are part of ABC Transport’s historic culture of prioritising passenger safety.
These features, which are standard across the company’s entire fleet, allow for real-time monitoring and ensure adherence to safe driving practices.
Apart from the fleet upgrade, ABC Transport recently concluded its quarterly Pre-Peak Season Crew Seminar, aimed at reinforcing the company’s commitment to safety, maintenance, and customer service ethics.
It said the seminar provided a platform to engage all crew members, focusing on best practices in vehicle handling, passenger care, and emergency preparedness.
Speaking on the importance of these initiatives, Managing Director of ABC Transport Plc, Mr. Jude Nneji, said, “Safety and service excellence are at the heart of everything we do at ABC Transport.
“The addition of these modern vehicles, coupled with our crew’s enhanced training, ensures that passengers can travel with peace of mind and enjoy an exceptional travel experience, even during the high-demand Easter season.”
The 2025 Toyota Hiace buses, known for their durability and fuel efficiency, also feature air-conditioned interiors and spacious seating, making them ideal for long-distance travel.
Designed to handle Nigeria’s road conditions, these vehicles further solidify ABC Transport’s reputation as a leader in the intercity transport sector.
Industry analysts view this dual approach—upgrading fleet technology and investing in human capital—as a testament to ABC Transport’s commitment to staying ahead of the curve.
This is also in line with the trend of new fleet injections and investments that have been noticed at ABC Transport since late last year following the acquisition of over 50 heavy duty trucks in their Haulage and Logistics subsidiaries as well as wide adoption of CNG in its Haulage division.
ABC Transport Plc is Nigeria’s foremost provider of intercity and regional transport services, known for its focus on innovation, safety, and customer satisfaction.
It is also the most diversified and only publicly quoted transport company in Nigeria listed on the Nigerian Stock exchange.
Business
Naira rises to N1,618/$ in parallel market
Naira rises to N1,618/$ in parallel market
The naira yesterday appreciated to N1, 618 per dollar in the parallel market from N1,620 per dollar on Monday.
But, the Naira depreciated to N1,604 per dollar in the Nigerian Foreign Exchange Market (NFEM).
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Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,604 per dollar from N1,599 per dollar on Monday, indicating N5 depreciation for the naira.
Consequently, the margin between the parallel market and NFEM rate narrowed to N14 per dollar from N21 Monday.
Naira rises to N1,618/$ in parallel market
Insurance
Lasaco Assurance Plc attains ISO/IEC 27001:2022 Certification for Information Security Management
Lasaco Assurance Plc attains ISO/IEC 27001:2022 Certification for Information Security Management
Lasaco Assurance Plc, one of the leading insurance companies in Nigeria, is pleased to announce that it has successfully obtained the ISO/IEC 27001:2022 certification, a globally recognized benchmark for Information Security Management Systems (ISMS).
This certification comes after a thorough and detailed re-certification audit, validating its commitment to upholding the highest standards in information security and cybersecurity.
The ISO/IEC 27001:2022 certification highlights Lasaco’s ongoing efforts to protect confidential information, manage risks, and enhance its approach to information security, aligning with global best practices.
Speaking on this new development, the Managing Director, Lasaco Assurance Plc, Mr. Razzaq Abiodun, said, “We are incredibly proud of this achievement, which demonstrates our dedication to maintaining the highest standards of operational excellence and continuous improvement.
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“In today’s digital age, ensuring the safety and security of sensitive information is of paramount importance, and this certification reaffirms our commitment to being a trusted and responsible organization.”
ISO/IEC 27001:2022 offers a structured framework for managing and securing critical business information, ensuring that all aspects of the organization’s information security are addressed through proactive risk management. This certification affirms Lasaco Assurance’s robust commitment to safeguarding sensitive data against emerging cyber threats.
“Moving forward, we remain dedicated to ensuring the highest level of information security, compliance, and excellence in all our operations,” the Head of IT, Lasaco Assurance, Mr. Dimeji Ogundele said.
The company extends its deepest gratitude to its entire team, clients, and partners whose support was pivotal to achieving this certification. Lasaco Assurance Plc is a composite insurance company, providing a wide range of insurance solutions.
With a rich history of trust, innovation, and customer satisfaction, Lasaco continues to deliver reliable and cutting-edge services to individuals, businesses, and government institutions.
Lasaco Assurance Plc attains ISO/IEC 27001:2022 Certification for Information Security Management
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