The Board of Directors of the Ibadan Electricity Distribution Company has relieved Mr Kingsley Achife of his appointment as the company’s Managing Director. Achife was first appointed by the the Bureau of Public Enterprises (BPE) as the interim Managing Director following the takeover of the assets of IBEDC by the Asset Management Corporation of Nigeria (AMCON) for defaulting on a loan facility in January 2022.
The board refused to renew Achife’s contract, and has named Francis Agoha as the Acting Managing Director of the IBEDC effective from May 31.
Achife’s sack was contained in an internal memo dated May 31, a copy of which was sighted by our correspondent.
“Dear colleagues, the Board of Directors of the Ibadan Electricity Distribution Company wishes to inform the staff that it has decided not to renew the contract of the current Managing Director, Engineer Kingsley Achife.
“In light of this decision, the Board is pleased to announce the appointment of the most senior executive, Engineer Francis Agoha as the Acting Managing Director of IBEDC. Engineer Francis Agoha will assume leadership responsibilities with immediate effect and will work closely with the Board to ensure a smooth transition,” the memo read in part.
No reason was given for the board’s decision, it may not be unconnected with complaints about the performances of the Disco among its contemporaries. The Minister of Power, Adebayo Adelabu is reported to have In March, summoned, among others, the outgoing managing director of the IBEDC to a crucial meeting. The minister said despite the efforts of the ministry to increase power generation certain distribution companies like the IBEDC were failing to adequately distribute the power supplied.