In line with statutory regulatory requirements, the Benin Electricity Distribution Plc. (BEDC), has become the first electricity distribution company (DISCO) in Nigeria, to open up its operations to public scrutiny, as it held a combined 2013, 2014 and 2015 Annual General Meeting (AGM) in Benin.
BEDC Chairman, Victor Gbolade Osibodu, used the occasion to reassure customers of improved services in their future dealings with the company. He gave the assurance last week while addressing shareholders at the AGM held at the company’s Head office in Benin, Edo State.
Since the private owners took over the running of the unbundled companies from the defunct Power Holding Company of Nigeria (PHCN) in 2013, the public had expected them to present their books to the public as required by law.
Not even threats of possible sanctions by the industry regulator, the Nigerian Electricity Power Regulatory Commission (NERC), had swayed them, which made many Nigerians to conclude that nothing had changed from the old PHCN other than new names.
BEDC breaking of the jinx has raised the hope that things might be changing for customers under its network, even as no details were provided on the financials during the three year operations.
Osibodu said at the meeting, “As we commence the New Year, we project better performance as we strive to ensure that we improve further on customer experience.
“To our shareholders, we promise to create a world class institution by being the leading electricity distribution provider enabling sustainable economic and technological growth in Africa and adding value to all stakeholders.”
The chairman commended the management and staff of BEDC for their tireless effort in turning around the company in spite of the initial take off and transitional challenges, noting that the result of all this is manifested in the improvements in the operational performance over the last three years.
He added that most noteworthy was the fact that the performance of the team resulted in various awards on safety and cash management.
Osibodu also lauded the inputs of the Technical /Commercial and the Finance/Risk/Audit Board committees in ensuring effective guidance and policy direction of the management process.