Connect with us

News

INEC Declares PDP Winner Of Aba South/North Bye-Election

Chimobi Iheanyichukwu Ebisieke has been declared winner of the Aba North/South Federal Constituency bye-election that held on Saturday.

Published

on

The candidate of the Peoples Democratic Party (PDP), Chimobi Iheanyichukwu Ebisieke has been declared winner of the Aba North/South Federal Constituency bye-election that held on Saturday.

According to the INEC’s Returning Officer, the PDP candidate polled a total of 10322 votes to defeat his closest challenger and candidate of the All Progressives Congress, APC, Mascot Uzor Kalu who scored 3674 votes.

READ ALSO:  Kwara: Due to insecurity, govt suspend 2021 Durbar

“I’m the Returning Officer for the 2021 Aba North/Aba South Federal Constituency bye-elections held on the 27th day of March, 2021.

“The All Progressives Grand Alliance, APGA, Action Alliance, AA, MRM and APM were the other political parties that fielded candidates in the election.

”The election was contested and the candidates received the following votes: AA candidate, 199 votes; Mascot Uzor Kalu, of the APC scored 3674 votes; Akaraka Destiny of APGA polled 1554 votes; Abraham Okonkwo of APM scored 10 votes; Uwando Chima of MRM polled 13 votes; Chimobi Iheanyichikwu Ebisieke of PDP, polled 10322 votes,” the Returning Officer announced on Sunday morning.

READ ALSO:  SERAP sues Buhari over ‘failure to publish details of N800bn recovered loot’

“That Chimobi Iheanyichukwu Ebisieke of PDP, having satisfied the requirements of the law, is hereby declared the winner and returned elected,” he added

Advertisements

I've been a freelance web developer and blogger for a while now, and I have passion for both. Like most men, I'm a football lover, infant I prefer playing to watching match. Personally, I believe with dedication there's no limit to what we can achieve. Yes, we all have the power and ability to that. You can contact me via [email protected] for you web design and development gigs.

Headlines

Why AMCON Took Over Ibadan DisCo

Published

on

AMCON Takes Over IBEDC Over Debts - Naija News 247

The Assets Management Corporation of Nigeria (AMCON) says it took over control of Ibadan Electricity Distribution Company (IBEDC) Limited over inability of the DisCo to clear its acquisition loan from Skye Bank, now Polaris Bank.

AMCON Takes Over IBEDC Over Debts - Naija News 247
AMCON Takes Over IBEDC Over Debts

IBEDC distributes electricity to consumers in Oyo, Osun, parts of Kwara, Ondo, Ekiti states.

After a court ruling empowering AMCON to take over the asset, IBEDC came under receivership on Thursday, January 20.

The DisCo was acquired by Integrated Energy Distribution and Marketing Limited (IEDML) the same firm that acquired Yola DisCo, all during the 2013 power sector privatisation exercise.

It later returned Yola to the federal government over insecurity issues in the franchise area. It was only in December 2021 that another private firm took over Yola DisCo from the Bureau of Public Enterprises, BPE.

IEDML got 60 per cent stakes in both DisCos to become the core investor.

READ ALSO:  Kwara: Due to insecurity, govt suspend 2021 Durbar

However, the funding for the assets acquisition were loans taken from banks and have had repayment issues eight years after acquiring IBEDC.

Just in November, AEDC, another of the 11 DisCos had acquisition loans settlement issues with UBA, promoting UBA to takeover the DisCo in full receivership.

AMCON in a public notice, stated that it had appointed Mr Osayaba Giwa-Osagie SAN to take over the the entire undertakings, assets of IEDM including shares and interests in related companies and entities, and also monies kept in of the 25 banks in Nigeria.

AMCON said it executed the take over of IEDM following a default in a Loan Servicing Agreement executed with Polaris Bank.

“AMCON has pursuant to Section 48 and 61 of AMCON Act 2010 been appointed Receiver/Manager over all the Assets of Integrated Energy Distribution and Marketing Limited as stipulated in the instruments executed in favour of AMCON by virtue of the Loan Purchase and Limited Servicing Agreement executed with Polaris Bank Limited dated 30th November 2018 and a Notice of Appointment of the Receiver/Manager dated August 6th, 2021, which was duly stamped by the Commissioner for Stamp Duties” the statement read.

The Nigerian Electricity Regulatory Commission (NERC) had previously fined IBEDC N50 million for ”its failure to secure a refund of an interest free loan the Board of IBEDC granted to its core investor group.”

READ ALSO:  SERAP sues Buhari over ‘failure to publish details of N800bn recovered loot’

Also in a memo to the staff by the IBEDC Chief Operating Officer (COO), Engr. John Ayodele, AMCON would not sack the management of IBEDC unlike the AEDC case where the management and board were reconstituted.

“Further, to the judgement wherein the Federal High Court on the 8th of September 2021 granted preservative orders in favour of Asset Management Corporation (AMCON), (being the Receiver/Manager of Integrated Energy Distribution and Marketing Limited); the court has appointed Mr Kunle Oqunba Esq. SAN to act as Receiver/ Manager Nominee in the receivership action.

“Based on the foregoing the Receiver/Manager came in today 20th January 2022 to the IBEDC Headquarters to take charge formally and subsequently met with the Management team. Therefore, I hereby wish to inform all staff that there is no cause for alarm.

“We are assured of job security which entails our position/ duties in the company, being entitlements to our salaries and other benefits etc.

“On behalf of the Management, I urge us all to kindly go about the efficient discharge of our duties to ensure a speedy and mutually beneficial resolution.

“I wish us all the best, while I appeal that we continue to remember IBEDC in our prayers,”

Engr. Ayodele stated in the memo.

READ ALSO:  Kwara Governor, AbdulRahman AbdulRazaq salutes Olofa of Offa at 58
Advertisements
Continue Reading

Headlines

#JusticeForHanifa: Hanifa Must Get Justice, Kano Gov vows

Published

on

#JusticeForHanifa: Hanifa Must Get Justice, Kano Gov vows - Naija News 247

Governor Abdullahi Ganduje of Kano State has vowed that Hanifa Abubakar, the five-year-old pupil, who was murdered by the proprietor of her school must get justice.

#JusticeForHanifa: Hanifa Must Get Justice, Kano Gov vows - Naija News 247
#JusticeForHanifa: Hanifa Must Get Justice, Kano Gov vows

Hanifa was abducted in December and later killed by Abdulmalik Tanko, proprietor of Noble Kids Nursery and Primary School, Kano, where she was enrolled to learn before she was killed.

READ ALSO:  Kwara: Due to insecurity, govt suspend 2021 Durbar

Her death had sparked a nationwide outrage, with #JusticeForHanifa trending on social media.

In a statement Malam Muhammad Garba, Commissioner of Information, issued on his behalf, Ganduje said just would be served.

The governor listed some of the measures taken on the matter as indefinite closure of the school where the child was gruesomely murdered, withdrawal of its operational licence, among others.

READ ALSO:  SERAP sues Buhari over ‘failure to publish details of N800bn recovered loot’

He said government is terribly disturbed that people entrusted with the care of children turned out to be murderers.

Ganduje added that government had been in touch with the family of the child, reiterating that justice must prevail to serve as deterrent to others.

The governor, who commended security agencies in the state for the prompt action that led to the arrest of those allegedly involved, stated that while investigation is ongoing, government would follow the case to its logical conclusion.

READ ALSO:  Kwara Governor, AbdulRahman AbdulRazaq salutes Olofa of Offa at 58

He also commended the international community, human rights-based organizations and well-meaning Nigerians for their concern in the matter, assuring security agencies of government’s support in carrying out their duties.

Advertisements
Continue Reading

Business

AMCON Takes Over IBEDC Over Debts

Published

on

AMCON Takes Over IBEDC Over Debts - Naija News 247

The Assets Management Corporation of Nigeria (AMCON) has taken over the Ibadan Electricity Distribution Company (IBEDC) Ltd over its failure to pay debts.

AMCON Takes Over IBEDC Over Debts - Naija News 247
AMCON Takes Over IBEDC Over Debts

In a memo to the IBEDC members of staff, the Chief Operating Officer (COO), Engr John Ayodele disclosed the new development.

Ayodele, said in Thursday in the memo, that the company fell under receivership by a September 8, 2021 Federal High Court judgment.

The judgment, he said, granted preservative orders in favour of AMCON.
He explained the government corporation had appointed a lawyer to serve in the receivership action.

READ ALSO:  Kwara: Due to insecurity, govt suspend 2021 Durbar

He revealed that the receiver arrived on Thursday January 20 to take charge formally, hinting that he already held a meeting with the management staff.

Ayodele, however, allayed fears over the development and assured staff of job security.

The memo read, “Further, to the judgement wherein the Federal High Court on the 8th of September 2021 granted preservative orders in favour of Asset Management Corporation-
“AMCON, (being the Receiver/Manager of Integrated Energy Distribution and Marketing Limited); the court has appointed Mr Kunle Oqunba Esq.SAN to act as Receiver/ Manager Nominee in the receivership action.

“Based on the foregoing the Receiver/Manager came in today 20th January 2022 to the IBEDC Headquarters to take charge formally and subsequently met with the Management team. Therefore, I hereby wish to inform all staff that there is no cause for alarm.

“We are assured of job security which entails our position/ duties in the company, being entitlements to our salaries and other benefits etc.

“On behalf of the Management I urge us all to kindly go about the efficient discharge of our duties to ensure a speedy and mutually beneficial resolution.

“I wish us all the best, while | appeal that we continue to remember IBEDC in our prayers.”

IBEDC distributes electricity to consumers in Oyo, Osun, Ogun and Ondo as well as some parts of Ekiti and Kwara states.

READ ALSO:  Kwara Governor, AbdulRahman AbdulRazaq salutes Olofa of Offa at 58

Source: Saharareporters

Advertisements
Continue Reading

Trending