Eko DisCo redeploys Sanda, announces Momoh as the acting CEO

The Eko Electricity Distribution Company (Eko Disco) has removed its Managing Director/ Chief Executive Officer (CEO), Mrs. Tinuade Sanda.

The Board, in a statement, announced Mrs. Rekhiat Momoh as the acting CEO with effect.

The acting CEO has more than 31 years cognate experience in the power sector having risen through the ranks from the days of NEPA, PHCN and now Eko Disco.

A letter addressed to Sanda and signed by the EKEDC Chairman, Mr. Dere Otubu, titled: ‘‘Implementation of NERC Directive on Seconded Staff dated March 25, 2024, stated that NERC has directed the EKEDC, to ensure that all staff working for the utility firm are employed directly by the utility and are bound by service conditions that are applicable to the employees of the utility and paid through the utility’s payroll.

Otubu in the letter said EKEDC was obligated  to obey the directive due to the powers of NERC as stipulated by the Electricity Act of 2023.

‘‘In compliance to the above directive, all seconded staff of West Power and Gas (WPG) Limited are being released by EKEDC and returned to WPG Limited.

“You are hereby relieved of your role, office and position at EKEDC, effective immediately and returned to your employer, WPG Limited.

You are directed to handover to the highest ranking staff of EKEDC under you.

We hereby record our appreciation of your valuable services and contribution to the growth and success achieved by EKEDC over the years as a seconded staff from WPG,’’ the statement noted.

The WPG had in 2013, emerged the preferred bidder for Eko Disco with a bid price of (N16.2 billion) $101 million for a 60 percent stake.

WPG, thereafter, disclosed that it has set aside N40 billion ($250 million) to restore the power plant.

In a statement, the company disclosed that it had raised close to N80 billion ($500 million) in equity and debt financing, in a bid to renovate the firm and improve the distribution network operations.

The then Chairman of the power firm, Charles Momoh, who said a world class of local and international industry experts have been deployed to oversee the project said it was “critical and a major step in rehabilitating the plant and ultimately the power sector in Nigeria”.

In December 2010, the National Council on Privatisation (NCP) advertised for Expressions of Interests (EOIs) from prospective core investors interested in possessing controlling stakes of 15 distribution companies of the PHCN, with a view to encouraging private sector participation and to attract foreign and local investment, to ensure reliable power supply.

The Eko Power Company, which is one of the distribution companies (DisCos) covers the southern parts of Lagos and Ogun state and was successfully won over by WPG.

At the end of the bidding process, the Federal Government reportedly raked in about $2.238 billion (N358 billion).