Edo, Ondo, Ekiti, and Delta States Express Interest in Repurchasing Shares in BEDC
Edo, Ondo, Ekiti and Delta State Governments have indicated interests in re-purchasing shares in the Benin Electricity Distribution Company (BEDC) to improve power supply in the four states.
The shares of the company had been acquired by fidelity bank following unpaid debts.
Governor Godwin Obaseki told newsmen in Benin City that he was in talks with governors of Delta, Ekiti, Ondo and Delta States to buy back the shares from fidelity banks.
He explained that fidelity bank took over BEDC, after its core investors were bankrupt, and were attempting to sell it.
According to him, the four governors intend to approach fidelity bank for the re-acquisition of BEDC shares.
Without electricity, we can’t go anywhere. We have our own local grid which we can distribute to various communities.
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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.
