On Thursday, the management of Benin Electricity Distribution Company, declared that the management and board of the company were intact and not dissolved as against the speculatation to the public domain.

This was written in a statement, signed by the management and made available to  newsmen in Benin through the acting Head of Cooperate Affairs, Evelyn Gbiwen.

The statement read, “BEDC management’s attention has been drawn to the fake news publication in some national dailies with the caption, “Poor Power Supply: FG Moves to take over BEDC, Sack Management.’

“Since the publication, we have been inundated with inquiries from concerned internal and external stakeholders seeking further information.

“Management hereby assures all staff that the news is entirely false and baseless, as the current board and management remain intact and are fully committed to the success and growth of BEDC.

“Through collective efforts and commitment, the company has achieved significant milestones since the inception of the current board in July 2022 in various aspects of operations.”

The company’s management noted the increase to the collection of revenue from N4.9bn as of July 2022 to more than N7.6bn as of February 2024 with a significant reduction in aggregate technical, commercial and collection loss.

“This achievement is a testament to the hard work and dedication of the entire management and staff of BEDC.

“It justifies management’s decision to embark on salary increments as well as promotion of deserving staff and other forms of incentives to the workforce in the past months.

“The current Board of Directors, working with the Lender Banks, remains committed to its mandate of facilitating the divestment of 60 per cent shares of the company to investors within the shortest time while ensuring optimal operations,” the statement added.

In addition the statement urged all staff to remain dedicated in their duties and  continue giving off their best efforts to drive the growth and success of BEDC plc.