- Investors garner N187.24bn as market cap hits N58.96trn
The last has not been heard in the crisis rocking the Eko Electricity Distribution Company over alleged corruption, as the Director, Chairman Legal & Regulatory Committee of the company, Babor Egeregor, has faulted the purported removal of the Managing Director and Chief Executive Officer of the EkoDisco, Tinuade Sanda from office.
The Nigerian Electricity Regulatory Commission had reportedly directed the board of Eko Electricity Distribution Plc to suspend with immediate effect all the workers of West Power and Gas Limited working with the company.
It was reported that the directive may be connected with the recent petition by some concerned staff members of EkoDisco to the Vice President, Kashim Shettima; Independent Corrupt Practices and Other Related Offences Commission, and the Economic and Financial Crimes Commission for intervention in the alleged endemic corruption in the management of the electricity distribution firm.
Although the company has dismissed the allegation, describing it as unfounded, the accusers have continued to push for external investigation.
However, in compliance with the directive of NERC, the Board Chairman, Dere Otubu, directed the Managing Director/Chief Executive Officer of Eko Electricity Distribution Plc, Tinuade Sanda to leave her position, as she was also seconded from WPG.
It was learnt that following the directive, the MD/CEO, Chief Legal Officer, Chief Finance Officer, Chief Human Resources Officer, Chief Auditor and Compliance Officer and others on secondment at the company handed over their handover notes to their subordinates on Monday and Tuesday as directed.
But reacting to the report, Director, Chairman Legal and Regulatory Committee, Babor Egeregor, faulted the Board Chairman’s letter sacking the MD/CEO and others on secondment, insisting that Tinuade Sanda remains the CEO of EkoDisco.
In a rebuttal, titled, RE: FG Sacks Eko Disco Managing Director, Egeregor explained that there was never a time the Nigerian Electricity Regulatory Commission directed that all staff of EkoDisco on secondment should be sacked.
Egeregor noted that the decision of the NERC was misinterpreted by the Chairman of Board, Dere Otubu, for ulterior motive, adding that the NERC decision on seconded staff was only directed to those connected to the alleged fraud and negligence in the company in the name of – Wola Joseph Condotti, Sheri Adegbenro, and Aik Alenkhe.
The rebuttal partly read, “It has come to my notice that by a letter dated 26th of March 2024; the Chairman of Eko Electricity Distribution Company (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 Nigerian Electricity Regulatory Commission (NERC).
“The said order of the NERC, herein displayed, is 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.
“In fact, 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 a 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.”
It added, “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 swore to protect by all means. As a matter of fact, the Ag DG of the BPE, representing the government on the Board of EKEDC, vehemently rejected the attempt to cover up the alleged crime and insisted on compliance with the punishment prescribed in the conditions of service.
“Rather than comply with the Orders of NERC, recourse to subterfuge was hatched with the purported termination and the publication of different misleading headlines such as “FG Sacks MD of EKEDC”, “Tinuade Sanda relieved of her position as MD, Eko Distribution Company.
“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 3 years, and continuous payment of salaries to exited staffs despite personally receiving their resignation letters.
“Similar queries were issued to Sheri Adegbenro, the Chief Audit and Compliance Officer and Aik Alenkhe, the Chief Human Resources Officers respectively for their failure and gross negligence to audit and detect fraudulent payments on payroll for over 3 years.”
He said, “We are also aware of a purported press release appointing Mrs. Rekiat Momoh as the Ag MD/CEO.
“The board of EKEDC, on which I sit, has neither met nor decided on the purported appointment of Mrs. Rekiat Momoh as Ag. 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.
“Mr. Otubu and his co-travellers have chosen to cherry pick the exhaustive interaction with NERC where one of the Commissioners wondered why no one was yet to be tried or in prison for these grievous allegations and how to recover lost funds part owned by the federal government. They are more focused on settling scores with our performance driven MD/CEO, Mrs Tinu Sanda.
“At EKEDC, we are known for due process and legality, and anything that would take away from our avowed 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.
“This is for the information of the general public and all NESI stakeholders.”
Sulaiman Aledeh resigns from electricity company
In the same vein, ace broadcaster, Sulaiman Aledeh, has announced his resignation as Assistant General Manager and Head Media and Communication, Eko Electricity Distribution Company.
Aledeh, who assumed office a year ago to boost the disco’s corporate communication in Lagos, confirmed his resignation in a statement.
He wrote. “Dear colleagues, I am writing to formally inform you all that I have resigned from my position as Head, Media and Communications of Eko Electricity Distribution Company. This is borne out of my deep resolve to have an unrestrained effect in the media space to join in our nation building.
“While conveying my deepest gratitude to the Board, Management and staff of the Disco where I have been in the last one year, as a foremost Nigerian broadcast-journalist, lead anchorman and publisher I am fulfilled as I have played my role professionally and creditably during my one year stint with the company, improving its media and customer relations greatly with your support.
“This formal announcement is as a result of the many calls I’ve received from some of you asking to know if the story of my resignation was true. It is true!
“I am now set for a return to the mainstream media where I have worked for two decades before serving at the Eko Disco. You will be the first to know of my next steps.
“I want to thank you all, my colleagues in the media. You all have been supportive and have been there for me always. You freely and professionally gave me great support and I can’t thank you enough. Not once was your support monetised. Gentlemen, thank you.
“May I also ask that you continue to give the same support you gave me while there to the company (EKEDC). Let’s be part of history as we join them in the quest to improve their services and the quality of lives.”
Investors garner N187.24bn gain as market cap hits N58.96trn
Meanwhile, the local bourse experienced a positive upswing at midweek as the benchmark index edged higher by 32 basis points to close at 104,283.64 points.
Correspondingly, the market capitalization of listed equities advanced by the same margin to N58.96 trillion, with investors accumulating total gains of N187.24 billion.
Consequently, the equities market boasted more advancing stocks (29) than declining stocks (20). Notable buy pressure was observed among stocks such as CWG, JULI, FTNCOCOA, CONHALL PLC, and LIVESTOCK, as they recorded share price gains of +10.00%, +9.97 percent, +9.94 percent, +9.72 percent, and +9.70 percent, respectively.
However, there were sell-offs in stocks such as NNFM, PRESTIGE, OMATEK, VERITASKAP, and MAYBAKER, with their respective share prices dropping significantly by -9.97 percent, -9.68 percent, -8.86 percent, -8.57 percent, and -8.33 percent.
Trading activity on the NGX was largely bullish, with total deals, volume, and value hiking by 17.06 percent, 30.50 percent, and 8.03 percent, reaching 10,171 trades, 488.60 million units, and N12.19 billion, respectively. Furthermore, sector performance exhibited bullish results, with the Banking, Insurance, and Industrial Goods indices posting gains of 3.01 percent, 0.12 percent, and 0.07 percent, respectively.
However, the Consumer Goods index declined by 0.11 percent, while the Oil/Gas sector showed a lull performance. By the end of the session, ACCESSCORP took the lead as the most traded security in terms of volume, with 83.60 million units exchanged across 1,188 deals, while GTCO led in traded value, totaling N2.52 billion.
In the money market, there was a widespread decrease in the Nigerian Interbank Offered Rate, with the exception of the Overnight NIBOR which rose by 0.80 percent to close at 26.80 percent. Key money market rates, such as the open repo rate (OPR) and overnight lending rate (OVN), surged to conclude at 26.93 percent and 27.50 percent, respectively.
In the Nigerian Interbank Treasury Bills market, the Nigerian Interbank Treasury Bills True Yield displayed upward movement across maturities. However, In the secondary market for Nigerian Treasury Bills, there was a mild positive activity level which led to a marginal decline in the average yield by 0.01% to 16.86 percent.
In the secondary market for FGN Bonds, average yield stayed muted at 19.29%, despite yield expansions of 0.01 percent each in Mar- 25 and Jan-26 FGN bonds.
In Nigeria’s sovereign Eurobonds market, there was notable activity characterized by a negative sentiment. Sell interest was observed across the short, mid, and long ends of the yield curve, resulting in an increase in the average yield by 7 basis points to 9.39 percent.
In the foreign exchange market, the Naira appreciated by 5.97 percent, closing at ₦1,300.43 per dollar at the official market. In the Parallel market, the Naira closed at ₦1,300 to the dollar.
