Uche Usim, Abuja
The Director General of the Bureau of Public Enterprises (BPE), Mr. Alex A. Okoh has charged members of the Management Board of the Yola Electricity Distribution Company (YEDC) to shun greed and nepotism, describing them as blights that could destroy the efficient discharge of their duties.
Inaugurating the board of the company headed by Mr. Gbeleyi Ayodeji on Wednesday, in Abuja, the DG reminded the members that they were trustees of the electric distribution company and as such they should exercise their powers with honesty and diligence.
“As Directors, you are trustees of the company’s finances and properties which you must account for in the exercise of your duties with honesty for the interest of the company and the shareholders and not your own interests”, he warned.
Okoh informed them that their responsibilities as directors of the company include: fiduciary relationship towards the Company and observance of utmost good faith towards the Company in any transaction with it or on its behalf; Act at all times in the best interests of the Company as a whole so as to preserve its assets, further its business and promote the purposes for which it was formed in a faithful, diligent, careful and ordinarily skills; Not fetter the discretion to vote in a particular way; and have regard in the performance of their functions including the interests of the company’s employees in general, as well as the interests of its members.
Responding on behalf of other members, the Chairman, Mr. Ayodeji Gbeleyi commended the government for the confidence reposed in them and pledged to discharge their duties diligently.
Ayodeji expressed appreciation for his appointed the chairman of the Board and commended the Management of Yola Disco for successfully running the affairs the company since the management reverted to the Federal Government on June 1, 2015 from the core investor-Integrated Energy Distribution & Marketing Limited (IEDM) as a result of the force majeure declared by IEDM due to insurgency activities in the region.
Recall that the National Council on Privatisation (NCP) at its 6th meeting for 2018, held on December 16, 2018, charged the Bureau of Public Enterprises (BPE) with the responsibility of inaugurating the Board of the Yola DISCO.