The Nigerian Electricity Regulatory Commission, on Monday, announced the dissolution of the board of directors of Kaduna Electricity Distribution Company over the Disco’s inability to pay N110bn debt owed to the Nigeria Electricity Supply Industry.

In a regulatory order dated January 1, 2024 and signed by the Chairman and Vice Chairman of NERC, Sanusi Garba and Musiliu Oseni, respectively, the commission stated that the board of the firm had been dissolved.

Kaduna Disco is among five Discos that were taken over by their promoters after the core investors were unable to pay back the borrowed funds used to acquire the company during privatisation in 2013.

In July 2022, the Federal Government announced the planned takeover of Kano, Benin and Kaduna electricity distribution companies by Fidelity Bank Plc after the bank initiated action to take over the boards of the three Discos.

It had also announced through the Bureau of Public Enterprises that with the takeover of Ibadan Disco by the Asset Management Corporation of Nigeria, the BPE had obtained approval from NERC to appoint an interim managing director for the distressed power firm.

The government had further stated in a restructuring notice issued at the time, that it was restructuring the management and board of Port Harcourt Disco to forestall the imminent insolvency of the utility.

The notice was signed by the Director-General, BPE, Alex Okoh; and Executive Chairman, NERC, Sanusi Garba.