- FHC orders parties to maintain the status quo
Following an ex-parte motion filed by the Counsel to the embattled Abuja Electricity Distribution Company (AEDC) at the Federal High Court, Abuja Justice Inyang Ekwo has ordered all parties to maintain the status quo.
CEC Africa Investment Limited and KANN Utility; the core investors of AEDC, filed an ex-parte motion against defendants; the Attorney General of the Federation, the Central Bank of Nigeria (CBN), the Bureau of Public Enterprise (BPE), the Ministry of Finance, United Bank for Africa (UBA) and United Capital Trustees Limited.
The plaintiffs sought interim orders to prevent any change to the composition of the Board of Directors; stopping the takeover, foreclosure or dilution of 60% shareholding of the KANN Utility, and an order to restrain the enforcement of all Assets Debenture issued in favour of the Central Bank of Nigeria. Justice Ekwo adjourned the matter to December 20th for hearing.
Recall, the FG suspended the Board and Management of AEDC on Tuesday following an industrial action by the utility’s Staff Union on Monday.