Connect with us

Business

Adeoye Fadeyibi Appointed MD/CEO Of Abuja Electricity Company

Published

on

Adeoye Fadeyibi Appointed MD/CEO Of Abuja Electricity Company
Adeoye Fadeyibi, MD/CEO, Abuja Electricity Distribution PLC

Abuja Electricity Distribution Plc (AEDC) has announced the appointment of Mr Adeoye Fadeyibi as its new Managing Director/Chief Executive Officer.

Fadeyibi, a turn-around manager with over 20 years executive management experience, succeeds Engr. Akinwumi Bada, who served as the company’s Interim Managing Director since last year and is now leaving to pursue other personal business aspirations.

Prior to joining AEDC, Fadeyibi was the Managing Director of Eko Electricity Distribution Company, (EKEDC) a Lagos-based electricity utility company and is credited to have turned around the fortune of EKEDC by significantly reducing the company’s Aggregate, Technical, Commercial and Collection (ATC&C) losses, expanding its revenue base and delivering innovation in several aspects of the business.

He was also the pioneer Managing Director at Transcorp Power Ltd, Ughelli, Delta State where he ramped up the generating company’s performance from 164MW to 634MW in 25 months. He joined Transcorp Power from General Electric where he held several strategic roles with oversight for Middle East and Africa.

A fellow of several professional bodies, Fadeyibi obtained his Bachelor’s degree in Mechanical Engineering from the State University of New York, SUNY Buffalo, New York and the General Electric Power Systems University in Schenectady, New York, where he completed his training in turbine power systems and applied knowledge obtained towards developing the Global Turbines/Generator Field resources.

AEDC also announced the appointment of Engr. Kassim Abdulahi Burkullu as its new Chief Technical Officer (CTO), replacing Mr. Oluwafemi Zacchaeus who served as the Interim Chief Technical Officer.

READ ALSO: Transcorp Group’s Profit After Tax Hits N27.9b

Burkullu, a seasoned engineer and energy industry expert, brings over 25 years’ cognate experience spanning several sectors. He joined AEDC from Kano Electricity Distribution Company (KEDCO) where he was Head, Corporate Technical Operations Services.

The Chairman of the Board, AEDC, Mr. Victor Osadolor, who spoke on the new appointments said: “We are very delighted that both Fadeyibi and Burkullu are joining our company and bringing with them exceptional abilities and invaluable industry expertise. They will effectively complement the component of management team already in place.”

“These appointments are necessary steps in positioning AEDC towards efficiency in customer service delivery and ensuring the effectiveness of turn-around embarked upon by the new management of the company. We are convinced that with a combined industry experience of over five decades, the new executives are very capable of meeting the yearnings of millions of our customers who seek seamless power services,” Osadolor said.

Commenting on his appointment, Fadeyibi said, “I must commend the management of AEDC and the previous MD for the work done so far and for the confidence reposed in me to help achieve the goals of this great organisation. I have studied the strategic focus of this business and with the full support of the board, we are sure to meet and even surpass our expectations for this great company.”

The appointments are with immediate effect.

 

Read more authentic news on our social media platforms

Continue Reading
Click to comment

Business

BREAKING:CBN Orders Banks To Pay New Naira Notes Over The Counter

Published

on

BREAKING: Old Naira Notes Deadline Stays - Emefiele
CBN Governor Emefiele

Contrary to its earlier directive, the Central Bank of Nigeria (CBN) on Thursday ordered commercial banks to begin the payment of the new naira notes to customers over the counter.

This is according to a Thursday statement signed by the Bank’s Director, Corporate Communications Osita Nwanisobi. According to him, it is part of moves to ameliorate the plight of Nigerians who are finding it hard to get the new notes.

“In line with this resolve, the Governor, Mr. Godwin Emefiele, has directed deposit money banks (DMBs) to commence the payment of the redesigned naira notes over the counter, subject to a maximum daily payout limit of N20,000,” the statement added.

While admitting the difficulties Nigerians have faced in trying to get money through Automated Teller Machines (ATMs), the apex bank reassured citizens of its commitment to making the process seamless.

It also vowed to prosecute racketeers of the new naira notes, saying it was working with relevant agencies to make that happen.

“We have equally noticed the queues at Automated Teller Machines (ATMs) across the country and an upward trend in the cases of people stocking and aggregating the newly introduced banknotes they serially obtain from ATMs for reasons best known to them. Also worrisome are the reported cases of unregistered persons and non-bank officials swapping banknotes for members of the public, purportedly on behalf of the CBN,” it warned.

“We wish to state unequivocally that, contrary to the practice of these unpatriotic persons, it is unlawful to sell the naira, hurl (spray), or stamp on the currency under any circumstance whatsoever.

“For the avoidance of doubt, Section 21(3) of the Central Bank of Nigeria Act 2007 (As amended) stipulates that ‘spraying of, dancing or matching on the naira or any note issued by the bank during social occasions or otherwise howsoever shall constitute an abuse and defacing of the naira or such note and shall be punishable under the law by fines or imprisonment or both.’

“Similarly, Section 21(4) states that ‘It shall also be an offence punishable under Sub-section (1) of this section for any person to hawk, sell or otherwise trade in the naira notes, coins or any other note issued by the bank.’”

Continue Reading

Business

BREAKING:Emefiele Assures Nigerians Of Banks Accepting Old Notes After Deadline

Published

on

BREAKING: Old Naira Notes Deadline Stays - Emefiele

Central Bank of Nigeria (CBN) Governor Godwin Emefiele on Tuesday assured Nigerians that commercial banks  will still accept old naira notes from customers after the February 10 deadline.

The assurance came as he met with the ad hoc committee set up by the House House of Representatives on the CBN naira redesign policy.

The lawmakers had accused Emefiele of breaching section 20 of the CBN act.

READ ALSO: Gbajabiamila Threatens To Arrest Emefiele Over Old Naira Notes’ Deadline

The Speaker of the House, Femi Gbajabiamila, had accused the CBN governor of breaching Section 20 of the CBN Act which, according to him, mandates commercial banks to accept old notes even after the deadline.

“After the expiration date, such naira notes changed will no longer be legal tender but it also says that even five months, three months, or two months after, even in June, all the old notes presented to the bank shall be redeemed by the bank,” Gbajabiamila had stated in a Thursday speech.

Emefiele, while addressing the ad hoc committee, said he agreed with the lawmakers on Section 20 of the CBN Act.

“Section 20 says even after the old currency has lost its legal tender status that we are mandated to collect that money. And I stand with the House of Reps on this,” he stated, adding that, “if you have your money that you have not been able to send to the bank, we will certainly give you the opportunity to bring it back into the CBN to redeem it. Either you pay it to your bank account or you want to do an exchange — we give you. You will not lose your money. This is the assurance I give to Nigerians.”

 

Read more authentic news on our social media platforms

Continue Reading

Business

BREAKING: Gbajabiamila Threatens To Arrest Emefiele Over Old Naira Notes’ Deadline

Published

on

BREAKING: Gbajabiamila Threatens To Arrest Emefiele Over Old Naira Notes' Deadline

Five days to the deadline for the old naira notes to cease being valid, Central Bank of Nigeria Governor Godwin Emefiele is still in trouble over the policy.

House of Representatives Speaker Femi Gbajabiamila on Thursday threatened to order the arrest of Emefiele to appear before the committee investigating the old naira notes withdrawal.

Gbajabiamila said this on Thursday after the Majority Leader of the House, Ado Doguwa informed him that Emefiele and others shunned the invitation to a meeting on Wednesday.

Responding to the statement, Gbajabiamila said he would not hesitate to order the Inspector General of Police, Akali Baba to issue an arrest warrant to compel Emefiele to appear before the committee.

READ  ALSO: Old Naira Notes Deadline Stays – Emefiele

Gbajabiamila added that the House ought to adjourn today to prepare for the elections, however, they will stay back to resolve the currency swap crisis.

“I will, pursuant to the authority conferred by Section 89 (1)(d) of the Constitution of the Federal Republic of Nigeria and Order 19 (2)(1) of the Standing Orders of the House of Representatives, not hesitate to issue a warrant to the Inspector General of the Nigeria Police Force to compel the attendance of the CBN or Managing Directors who fail, refuse or neglect to respond to the summons by the House of Representatives,” he said.

He also stated that Emefiele’s deadline is not consistent with section 20 of the CBN Act, noting that the banks are compelled to accept the old notes even after the expiration of the deadline.

The Presidential candidate of the APC, Bola Tinubu, who is believed to be The Godfather of Gbajabiamila, also spoke against the policy on Thursday during a rally.

Tinubu alleged that the policy is targeted at his presidential ambition.

 

Read more authentic news on our social media platforms

Continue Reading

Top Stories

%d bloggers like this: