IBEDC: How boardroom squabbles brought down a high flier

Although the Asset Management Company of Nigeria (AMCON) cited the indebtedness of Ibadan Electricity Distribution Company’s core investors, Integrated Energy Distribution and Marketing Limited (IEDM), to Polaris Bank as the reason for its takeover of IBEDC, the real cause of the company’s current quandary was the zero-sum game embarked upon by the two principal partners of the company. Sulaimon Olanrewaju reports. Barely two months after the Abuja Electricity Distribution Company (AEDC) was taken over by a bank sequel to its inability to live up to its debt repayment terms, the…

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Minimum Wage: Truce as FG offers to pay more than 60k, labour agrees to suspend strike

The Federal Government and organised labour have agreed on the fixing of a new minimum wage that is above N60,000. The agreement was reached at the end of a meeting held on Monday between leaders of the Nigeria Labour Congress (NLC), the Trade Union Congress (TUC), and representatives of the Federal Government. The Federal Government called the meeting after labour commenced an indefinite nationwide strike on Monday to demand a living wage. The Secretary to the Government of the Federation (SGF), Senator George Akume, who read the resolutions of the…

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