The crises rocking the Abuja Electricity Distribution Company (AEDC) over a loan default by the majority shareholder/core investor, Kann Utility Company Limited, may have taken a new dimension as the lender, United Bank for Africa (UBA), has appointed a receiver/manager for the troubled Disco.

AEDC is one of the 11 Discos unbundled from the defunct Power Holding Company of Nigeria (PHCN) and handed over to its core investor on November 1, 2013. The utility rm serves endues customers in its franchise areas covering Kogi, Nasarawa, Niger and the Federal Capital Territory.

Giving further insights into the crises rocking AEDC, Chairman of Nigerian Electricity Regulatory Commission (NERC), Mr. Sanusi Garba, and the Director General of Bureau of Public Enterprises(BPE), Mr. Alex Okoh, in a joint statement, explained that there has been an ongoing dispute among competing factions of Kann, which eventually spilled over to a dispute with the lender (UBA) that provided the acquisition loan to Kann for the acquisition of majority shares during the privatization exercise in 2013, over Kann’s inability to service its debt to the bank.