The Board of Directors at Ibadan Electricity Distribution Company (IBEDC) has decided not to renew the contract of its current Managing Director, Kingsley Achife. Francis Agoha, the most senior executive, will take over as Acting Managing Director effective May 31. The decision was announced in an internal memo on May 31.
“Dear colleagues, the Board of Directors of the Ibadan Electricity Distribution Company wishes to inform the staff that it has decided not to renew the contract of the current Managing Director, Engineer Kingsley Achife.
“The Board expresses its deepest gratitude to Engineer Kingsley Achife for his contributions to the company and for laying the foundation for the ongoing turnaround.
“In light of this decision, the Board is pleased to announce the appointment of the most senior executive, Engineer Francis Agoha as the Acting Managing Director of IBEDC. Engineer Francis Agoha will assume leadership responsibilities with immediate effect and will work closely with the Board to ensure a smooth transition,” the memo read in part.
Despite no official reason being given for the decision, it is believed to be connected to the underperformance of IBEDC compared to its peers. In March, the Minister of Power, Adebayo Adelabu, called a meeting with the IBEDC management, stating that the company was not adequately distributing power despite efforts to increase generation. The issue is further compounded by vandalism of power infrastructure in regions such as Abuja, Benin, Port Harcourt, and Ibadan.
On Thursday, Achife led IBEDC’s defence against a sanction for non-compliance with estimated billing regulations. Achife stated that he was against overbilling customers, but the Vice Chairman of NERC, Musiliu Oseni, noted that the appeal was filed beyond the allowed timeframe. The IBEDC spokesperson said a statement would be released later, but did not provide further details.