Business
Eko DISCO: My Odyssey – Embattled MD/CEO
Embattled Managing Director and Chief Executive Of Eko Electricity Distribution Company (EKEDC), Dr. Tinuade Sanda on Wednesday formally opened up on allegations that she had been sacked due to poor performance.
While describing the allegation as a misrepresentation and not the accurate feedback on her performance, she said upon assuming office, she inherited substantial loans and over N3.6 billion owed vendors for goods and services already rendered.
Sanda made the clarification in a statement obtained by journalists in Abuja.
The statement reads, “When I assumed the role of MD/CEO at Eko Electricity Distribution Company (EKEDC) in 2022, I faced significant hurdles, including ATC&C losses at 29.87% and CE at 82.69%. With my team’s support and dedication, we began addressing these challenges, striving for operational improvements. Over time, we made notable progress, reducing ATC&C losses to 1% and improving CE to 99.25% by March 2024.
“Similarly, EKEDC achieved its highest-ever monthly collection of N17.1 billion in January 2024, highlighting our financial acumen and strategic vision. It is noteworthy that these achievements were recorded without the need for a tariff increase. Our focus on operational efficiency led to the lowest-ever energy leakage blocked (ATC&C) losses, highlighting our commitment to excellence. In this time, we also launched the fast-delivery mass metering program (Mobile MAP Initiative) under 72 hours, resulting in the delivery of over 80,832 meters. This further demonstrates our dedication to enhancing our customer service and satisfaction.
“Upon assuming office, I inherited substantial loans and over N3.6b owed vendors for goods and services already rendered. This exacerbated the company’s liquidity challenges, but I took on the responsibility to address these debts. They included a CBN Meter loan amounting to N4,693,706,837.72, a CBN operating expenditure (OPEX) Ramp Up Loan totaling N29,525,442,959.40, and a CBN capital expenditure (CAPEX) loan of N14,487,447,715, all of which were originally intended for capital projects that were later abandoned. Although much of the loan disbursed had little economic value to EKEDC, I urged my team to stay focused and resilient, as we oversaw the repayment of these loans, taking decisive steps to alleviate the financial strain on the company.
“Despite the challenges I encountered, one of my first impactful decisions was to raise staff salaries by 25%. This was a significant move as it was the first increase of this magnitude in over a decade at Eko Electricity Distribution Company (EKEDC). This action was taken while we kept operational expenses in check and expanded our fleet by 150 new vehicles, enhancing our capacity to respond to service calls more efficiently.
“To achieve my vision of a unique corporate identity grounded in local context, I designed a comprehensive engagement strategy that reflected my dedication to corporate leadership and stakeholder growth. This involved restructuring customer and community interactions, establishing a 24/7 rapid response squad to expedite fault resolution, implementing strategies to improve brand positioning and service delivery, and creating inclusive, impactful, and sustainable Corporate Social Responsibility programs. These initiatives were part of our innovation-driven approach, that led to exceptional outcomes and a surge of activities focused on fostering positive change.
“Furthermore, Eko Electricity Distribution Company (EKEDC) achieved ISO 27001 certification, highlighting our commitment to data protection and security. Our partnership with VI Power enabled us to boost power supply to customers on the Island, demonstrating our dedication to customer satisfaction. Our strategic investments in infrastructure, including the acquisition of Statistical Meters to monitor all existing feeders, have significantly reduced losses and enhanced operational efficiency. This approach translated into a 99.2% complaint resolution rate year-to-date in 2024.
“I came to EKEDC with a clear focus on zero tolerance for mediocrity and corruption, emphasizing the pursuit of excellence that has shaped my leadership style. To align everyone with our vision, I prioritized effective communication among all stakeholders. This commitment led to EKEDC ranking 1st in market remittance for Q3, 2023, a notable rise from 3rd place in the previous quarter.
“My achievements have been acknowledged with several prestigious awards, including The Peak Performer CEO Of the Year (2023) and Vanguard’s Energy Icon of the Year, (2023) Additionally, the Nigeria House of Dream Parliament recognized me as the most proactive female personality in the power sector of Nigeria (2023). Additionally, and most prestigiously, I served as a member of the power committee set up by the Presidency. under the RENEWED HOPE AGENDA of His Excellency, President Bola Ahmed Tinubu.
“Similarly, before my appointment as MD EKEDC, I have been honored with numerous prestigious awards, which highlight my dedication to excellence, accountability, and innovation in the power sector. Some notable recognitions include the USAID Certificate of Achievement for my ongoing partnership with the USAID Engendering Industries Intensive Program since 2015, the NECA Employers Excellence Award Winner in the Electricity Distribution Sector for 2021, the AFRISAFE CEO Of the Year in 2022, and the African Prize for Leadership Excellence: Power Personality Leadership Prize in 2017. I also received the Eko Electricity Distribution Company MD/CEO Executive Award in 2018 for “being on time every time.” Most recently, I was awarded the Distribution Company (Disco) of the Year 2023 by the Energy Times.
“While rumours have been circulating, alleging that my appointment as MD/CEO had been terminated due to poor performance, I want to clarify that this is a misrepresentation and not the accurate feedback on our performance. In fact, I have consistently received accolades from the board, recognizing my leadership and my management team’s strong performance.
“For instance, on March 6, 2024, I received commendations from the Chairman, Human Resources & Corporate Services, Tunji Owolafe, following my correspondence about EKEDC’s compliance with market obligations, where he praised the performance of my team. He wrote in an email, “Dear MD, this is very good news, congratulations and well done to you and your team.” I had previously received similar accolades from Dr. Tunji Owolafe and the Board Chairman, Dere Otubu, on December 5th and 6th, 2023, for our strong November performance He wrote, “Congratulations to you and your team for the good performance in November”. These emails are available as evidence of the positive feedback I have received.
“What started as an investigation to address fraud and complicity in ghost worker activities by 3 of our executive management team has now escalated into cyberbullying and slanderous attacks against my person. Rather than addressing the actual issue, there is an effort to distract by spreading unfounded rumors. I believe that ethical journalism should be based on the principles of truth, objectivity, and fairness, rather than fallacies that are solely based on rumors and propaganda. Hence, a need to clarify this situation and counter all false claims against me.
“I want to state that I have served diligently and efficiently at EKEDC with the utmost integrity and worked to sanitize the system for optimal productivity and quality service delivery. I have also worked to enhance the assets and net worth of our stakeholders with transparency, integrity, and fairness, and consistently acted in the best interests of EKEDC and all its stakeholders.
“I remain committed to upholding the values that have guided my leadership. I thank everyone who has supported me throughout this journey, and I look forward to continuing to serve with the same dedication and professionalism that has defined my career.”
The cryptocurrency market is stabilising after a turbulent start to the week, gaining nearly $89 billion and pushing the total market cap to $2.61 trillion.
Bitcoin rebounded above $80,000, with analysts suggesting a breakout past $82,761 could lead to $85,000, supported by strong investor confidence.
In the U.S., Speaker Mike Johnson urged patience, saying, “People need to be patient in waiting to see what President Trump was planning for the economy.”
White House Press Secretary Karoline Leavitt reassured investors, stating, “The recent market volatility was a transitory period, not a trend or a long-term one.”
Earlier in the week, crypto markets saw nearly $1 billion in liquidations as Bitcoin and Ethereum hit monthly lows.
However, stability returned, and in the past 24 hours, total liquidations reached $384.4 million—$138.2 million from long positions and $246.2 million from short positions.
Despite the recovery, analysts remain cautious. While reduced geopolitical risks and trade tensions have helped, inflation data, Federal Reserve policies, and ongoing global uncertainties could still impact markets.
The coming weeks will determine whether the market sustains its gains or faces renewed volatility.
In a move to support Nigeria’s transition to renewable energy, global technology giant Huawei has collaborated with the Office of the Head of the Civil Service and the Ministry of Power to equip Nigerian civil servants with essential skills in the green energy sector.
The two-day training programme theme “Green Energy and Solar Power Training” held in Abuja, targeted Directors of Engineering Departments across various ministries and agencies, aiming to enhance their knowledge of solar energy technologies and further champion its adoption in Nigeria. Participants were trained in making informed decisions on solar product selection, system maintenance, and ensuring energy efficiency in government operations.
Speaking at the opening of the training, Minister of Power Chief Adebayo Adelabu, represented by Permanent Secretary Alhaji Mahumuda Mamman, highlighted Huawei’s critical role in advancing renewable energy solutions.
“Huawei, as a global leader in technology and innovation, has been instrumental in making solar energy more efficient, scalable, and accessible,” Adelabu stated.
“Their involvement in this programme reflects their commitment not only to technological advancement but also to the education and empowerment of Nigeria’s energy leaders.”
Adelabu expressed confidence that the training would equip participants with valuable skills that would benefit their careers and contribute to Nigeria’s goal of energy independence and sustainability.
“The success of our energy transition depends on collaboration—between government, industry, and the technology sector,” he added.
“By working together, we can develop the infrastructure, policies, and human capital needed to accelerate Nigeria’s shift to a green energy economy.”
In his welcome remarks,Huawei Board Director Jim Zhang underscored the company’s longstanding presence in Nigeria, emphasising its contributions to the country’s digital and energy sectors.
“A lot of people know Huawei for our equipment, headsets, and laptops. However, we also provide digital power solutions, smart photovoltaic (PV) systems, and energy storage solutions (ESS) in Nigeria,” Zhang said.
He noted that Huawei has been in Nigeria for 26 years, operating two headquarters in Lagos and Abuja, alongside a training centre, an operations centre, and an innovation hub.
“We have already supplied nearly 100 megawatts of power through our smart PV and ESS systems in Nigeria,” Zhang revealed.
“We also collaborate with several universities, offering training programmes for students and professionals.”
Zhang reaffirmed Huawei’s commitment to working closely with the Nigerian government and businesses to address electricity challenges and enhance energy efficiency.
Head of the Civil Service of the Federation, Mrs Didi Esther Walson-Jack, represented by Permanent Secretary Dr Danjuma Usman Kalba, commended Huawei’s efforts in training civil servants. She stressed the importance of institutionalising such initiatives to ensure continuous capacity building in the public sector.
“We cannot thank Huawei enough for making itself available and organising this training,” Walson-Jack said.
“We hope this will become a continuous initiative within the civil service.”
She further emphasised the economic and environmental benefits of renewable energy, urging ministries and agencies to align their strategies with global sustainability policies.
“The world is increasingly focusing on climate change and its impact. It is essential that Nigeria aligns with global renewable energy policies,” she said.
“I encourage participants to seize this opportunity to understand solar energy systems, particularly their maintenance and practical applications.”
The 2-day training program features technical sessions tailored to enhance participants knowledge and capabilities in solar power, as well as site visits to Huawei-implemented project sites as part of the effort to equip participants with practical knowledge and drive the nation towards a sustainable and energy-efficient future.
By Abubakar Yunusa
Oil marketers have cried out about the negative impacts of unstable prices of Premium Motor Spirit or petrol in the country on their businesses.
President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gilly-Harris raised concern during Channels Television’s Business Morning on Tuesday.
According to him, fluctuating petrol prices in the last few weeks are constituting potential threats to the survival of businesses of its members.
Gilly-Harris’ concern comes on the heels of ongoign price war between the Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL).
Following the announcement of a price cut by the Dangote Refinery by N65 at the ex-depot price, the retail price at filling stations affiliated with Dangote dropped from N925-N930 to N860.
No sooner after, the NNPCL also reduced its price at its retail stations, further deepening rivalry between the two dominant players.
Billy-Harris said “In our consistently weekly reviews, we discovered that the size of loss, and the possibility of most of us getting out of business is glaring at us in the face. Because in today’s Nigeria, we have collaborative efforts being made between all the stakeholders, and we reach out to one another to know how the businesses are doing.
“As much as we are making efforts to make sure that Nigerians have product affordability from our end as the last mile in the industry, we also want to stay afloat and liquid.
“The challenge we have is that we buy products at a price today, and before the close of business, the price has reduced. We thought there should be a mechanism by which prices are analysed and ensure it doesn’t impact negatively on the industry.
“I have always said that every business can only survive by making some minimal profits that are commensurate to the price of paying the cost of doing business.
“We are fully aware that the international prices of crude oil and other related expenses are also being reduced. But when we invest to buy products at say N880, we are not going to sell at that price. And if such products become reduced to N840, N850, N860 or even N870 per litre, it becomes challenging how we will be able to recover our costs.”
Commenting on price monopoly in the downstream sector, Gilly-Harris said its members can either import products or buy from local refineries, however, it would not sell products at the expense of the survival of PETROAN members’ businesses.
He said “Yes, we have been in the forefront of always implementing what stakeholders agree. We have the capacity to import our products. We also have the capacity to buy locally refined products. But we see that prices consistently shift up or down, and there is no clear business consultation on how this should be done. That is why we said the NMDPRA and the consumer protection agency should swing into action and be able to work together with other stakeholders so that we can be able to have a stable market and a stable price.”