My attention has been drawn to the purported sack and termination of employment of the MD/CEO of Eko Electricity Distribution Plc (EKEDP) by a faction of the Board of Directors of West Power & Gas Limited (WPG Ltd).
This illegal action is very concerning, particularly as issues connected to certain Management Staff are still a subject of litigation before the Federal High Court and the Court of Appeal.
This action is disturbing as it is appalling, particularly since the MD, Dr.Tinuade Sanda,who stood for ethics and against the complicity of the Chief Legal Officer, Wola Joseph Condotti, in the act of the alleged use of ghost workers and fraud against the company, is being punished whilst the alleged fraud enabler remains protected and daily being entrenched in the system,actions which clearly impacts negatively on the ethical standing and corporate governance profiles of the company as well as on the Chairpersons of both Boards of EKEDP and WPG, i.e., Messrs Dere Otubu and Charles Momoh respectively. This purported sack was at recklessly extended meeting that had been adjourned for the third time to avoid to giving notice of a properly called board meeting in line with best practices and corporate governance. Our board chairman George Etomi resigned in protest of the lingering crisis register his displeasure at the state of affairs. A so called interim chairman who was adopted by a faction of the board members is behind these illegal actions. The courts will determine many things in the days ahead as decorum and proper processes have been thrown to the dogs in the organization.
To say the least Impunity, recklessness, and utter disregard for constituted authorities (NERC, the Honourable Courts), including the minimum terms of corporate governance expected of both EKEDP and it’s Parent Company, WPG have been shamefully compromised and all together discarded by the Chairmen of both Boards.
This is to put on record that their actions are illegal, contemptuous of the court, and shall not stand.
A new low is the spurious denigration of the outstanding records and performance of the MD and her Managenent Team. Indeed, under Dr. Tinuade Sanda, the Company recorded different milestones in terms of reduction in ATC&C losses, billing and collection efficiency, etc. at various times since her assumption of office, including the highest collection of over N17bn in January 2024, ATC&C loss of -1% in the month of March 2024, Collection efficiency of 98.25%. The 25% ATC &C loss being referenced in the malicious publications refer to the rolling average of the entire previous year, which is an achievement given the cashless policy, naira shortage, and naira devaluation challenges experienced during the year.
As a matter of fact, the Q3 2023 Report issued by NERC showed the performance of the Company as follows:
– 1st in Energy Offtake in both Q2 and Q3 of 2023.
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– 1st on market remittance in Q3 of 2023
– 2nd in billing efficiency in Q2 and 1st in Q3 of 2023
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– 2nd in collection performance in both Q2 and Q3 of 2023
– 2nd in ATC &C loss reduction rankings in both Q2 and Q3 2023
The Board, on various occasions, commended the MD and her Management team on their outstanding performances with the recent one being 6th of March 2024, where the email stated:
” Dear MD, This is very good news. Congratulations, and well done to you and your team . ”
It is clear that the illegal decision was totally not based on non or poor performance as on the contrary, the Board and Investors have been extremely impressed with the performance since her assumption of office which the regulators and stakeholders have attested to at different times.
To corroborate this, there was neither any query nor demand for explanation issued at any point in time to the MD/CEO on any allegation of non or poor performance, rather, there had only been commendations. In fact, the Chairman’s speech at the recently held Award for Excellence organised by the Company and held in February read:
” In the annals of our Company’s history, 2023 stands as a testament to our unwavering commitment to progress and innovation. Picture this: the crescendo of success echoing through our halls as we achieved the highest-ever monthly collection of N16.8 billion, a testament to our financial acumen and relentless drive. We didn’t just set records; we shattered them. The MD/CEO tells me we have shattered them yet again just in January 2024. Truly Eko no (dey) gree for anybody !!”
So let us cut the chase, the victimisation, and the purported sack of Dr. Tinuade Sanda, by a faction of the Boards of EKEDP and WPG led by Messrs Dere Otubu and Charles Momoh, was driven by her principled stand on the ghost worker matter.
We, therefore, hope that the foregoing sets the records straight and kindly enjoin the public, NESI stakeholders, and regulators to disregard these purported illegalities as we intend to seek appropriate options to address it all in the near days ahead .
SIGNED
BABOR EGEREGOR
CHAIRMAN LEGAL CORPORATE GOVERNANCE AND REGULATORY
EKO ELECTRICITY DISTRIBUTION PLC.
