BARBARA BAKO, Abuja and OLADELE OGUNTIMEHIN
In line with the directives of the National Council on Privatisation (NCP) the Bureau of Public Enterprises (BPE) has inaugurated the board of Yola Electricity Distribution Company (YEDC) with a charge that the members shun personal and sectional interests in the discharge of their duties.
The members are Mr. Ayo Gbeleyi (Private member), Chairman, Mr. Alex Okoh, Director General, BPE, (representing the BPE), Mr. Mahmud Isa-Dutse (Permanent Secretary, Federal Ministry of Finance,Mr. Louis O.N Edozien (Permanent Secretary, Ministry of Power),Mrs. Grace Papka (Private member), Mr. Baba Umara Mustapha (MD/CEO, Yola DISCO); and Iliya John (Secretary).
The NCP At its Sixth meeting held on December 16th 2018, charged the BPE with the responsibility of inaugurating the Board for the Yola Power firm which the agency is currently seeking new buyer for together with Afam power.
YEDC was previously sold to the Tunde Ayeni led Investors who later declared Force Majure citing among others, loss of revenue as a result of the damaging activities of insurgents in the area of its operation.
Okoh in a statement by the bureau on Wednesday reminded the members that they were trustees of the electric distribution company and as such they should exercise their powers with honesty and diligence.
“As Directors, you are trustees of the company’s finances and properties which you must account for in the exercise of your duties with honesty for the interest of the company and the shareholders and not your own interests”, he warned.
Okoh informed them that their responsibilities as directors of the company include: fiduciary relationship towards the Company and observance of utmost good faith towards the Company in any transaction with it or on its behalf. Act at all times in the best interests of the Company as a whole so as to preserve its assets; further its business and promote the purposes for which it was formed in a faithful, diligent, careful and ordinarily skills; not fetter the discretion to vote in a particular way.
Have regard in the performance of their functions including the interests of the company’s employees in general, as well as the interests of its members. Responding on behalf of other members, the Chairman, Mr. Ayodeji Gbeleyi commended the government for the confidence reposed in them and pledged to discharge their duties diligently.
Ayodeji expressed appreciation for his appointment as the chairman of the Board and commended the Management of Yola Disco for successfully running the affairs the company since the management reverted to the Federal Government on June 1, 2015 from the core investor-Inegrated Energy Distribution and Marketing Limited (IEDM) as a result of the force majeure declared by IEDM due to insurgency activities in the region.
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