BEDC Refutes Report On Board, Management Dissolution

THE Benin Electricity Distribution Company (BEDC) has dismissed reports claiming that its Board of Directors and management team have been dissolved, describing the publication as false and misleading.

In a statement signed by the company’s management and released by Mrs. Evelyn Gbiwen, Head of Branding and Corporate Communications, BEDC urged the public to disregard the report published by a national newspaper on March 25, 2024.

The statement, titled “Clarification on the False Vanguard Newspaper Publication of 25th March, 2024 on Dissolution of the BEDC Board and Management,” described the story as disinformation that failed to reflect the true state of affairs in the company.

“Management hereby assures all staff and stakeholders that the news story is entirely false and baseless. The current Board and Management remain intact and fully committed to the success and growth of BEDC Electricity Plc,” the company said.

BEDC added that since the inauguration of the current Board in July 2022, the company has recorded steady growth in its operations, increasing revenue collection from ₦4.9 billion in July 2022 to over ₦7.6 billion as of February 2024. It also reported a significant reduction in Aggregate Technical, Commercial and Collection (ATC&C) losses.

According to the management, these achievements reflect the dedication of its workforce, which has been rewarded through salary increments, staff promotions, and other incentives in recent months.

BEDC further assured its stakeholders that the Board continues to work closely with lender banks to facilitate the divestment of 60% of the company’s shares to new investors, while maintaining optimal operational efficiency.

The company urged all employees to remain focused and committed to their duties as BEDC continues to deliver on its mandate of improving power distribution and customer satisfaction across its coverage areas.

BEDC’s MD/CEO, Mr. Deolu Ijose