The Managing Director/ Chief Executive Officer of Benin Electricity Distribution Company (BEDC), Dr Henry Ajagbawa, has been relieved of his appointment. His sack by the Board of Directors of the Discos took effect on Thursday, March 16, 2023. The Board consequently appointed Mr Deolu Ijose as Acting Managing Director/ CEO of the distribution company with immediate effect.

Though the Board in a memo sent to BEDC staff, which was sighted by our reporter yesterday, said Ajagbawa was relieved of his duties due to a reorganisation it carried out, which it said was aimed at positioning the company for sustained growth, sources said there were more to this. Specifically, there were allegations that the former MD constantly clashed with the board and that he made unrealistic demands, including asking for a bulletproof Sports Utility Vehicle (SUV) and two tickets for foreign trips annually, amongst others. He also was said to have not met his revenue target.

The Board Chairman, Pst. Kings Akume, in the memo, however, commended Ajagbawa, saying he played a key role to the company’s success and expressed the gratitude of the board to him for his services to the company as well as wished him the best in his future opportunities. Ajagbawa, in what looked like a hostile takeover, despite a court order, replaced the previous management after the Federal Government announced the takeover of three electricity distribution companies (Discos), which are: Kano Disco, Kaduna Disco and BEDC by Fidelity Bank, over alleged poor financial performance. The Nigerian Electricity Regulatory Commission (NERC) and Bureau of Public Enterprises (BPE) had in July 2022 taken over the discos on the statutory responsibilities given to them by the FG. Ajagbawa’s name is not new to followers of developments in financial circles. He was a former senior official of the defunct Oceanic Bank International Plc. and after the collapse of the bank, Ajagbawa relocated to Canada and came back recently to Delta State where he was said to have acquired some parcels of land for farming purposes. (New Telegraph)

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