Edo, Delta, Ekiti, Ondo plan BEDC share buyback

The states of Edo, Delta, Ekiti, and Ondo are planning to purchase back their shares from Benin Electricity Distribution Company and restructure the company.

He noted that this was to provide a lasting solution to the electricity crisis in the affected states.

Speaking to newsmen in Benin City, Obaseki noted that electricity was key to driving development in any society, adding that the government had over the past seven years taken deliberate steps to encourage investments in the electricity sector to grow the state’s economy.

He disclosed that he was in talks with the governors to buy back their shares in BEDC, to ensure that Edo, Delta, Ekiti and Ondo States generate and distribute their own electricity.

He said, “I am discussing with my brother, the Governor of Delta State, Rt. Hon. Sheriff Oborevwori, and one of the things we talked about is the technicality of electricity. People think of seeing light, forgetting about the technicalities involved and the last man on that channel that distributes the light is the distribution company.

“I, Delta, Ekiti and Ondo governors, we have to approach Fidelity Bank and buy back the shares in BEDC. We would make an offer to buy that back to reorganise this company, to enable us to have an Edo, Delta, Ekiti and Ondo Distribution Company.”
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“Without electricity, we can’t go anywhere. We have our own local grid which we can distribute to various communities. Electricity is needed for economic growth and development. Those who have cheaper gas will have cheaper electricity and it will lead to cheaper cost of manufacturing and production,” Obaseki remarked.

The governor continued, “We don’t need to wait for Abuja for money but rather have a mind shift to activate and galvanise what we have to create the money our people need.

“Now, we are all in darkness; any politics that keeps us in darkness is bad politics as everybody wants light, no matter the political divide. No political party wants to stay in darkness, as the conversation started many months ago on purchasing the shares of BEDC. We can rapidly progress.”

According to Obaseki, the original buyers of the shares of BEDC know what they did, adding that “They went bankrupt as the bank took those shares and tried to sell to others, but we have signified our interest to buy to ensure the bank doesn’t sell to the wrong people that will keep us in darkness again.”

He mentioned that the affected state had indicated interest in buying back the shares of the distribution company.

“We want to buy the share not because we want to run an electricity business or company but want to sit at the table to supervise and decide on the expert that will do it right. Maybe it’s time to take charge of our own territory. Benin electricity should give Benin light while that of Delta produces that of Delta State. It’s possible,” The Edo governor asserted.

… Punch


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