DisCos tussle: BEDC MD, Osibodu relives ‘bad experience’ with police

DisCos tussle: BEDC MD, Osibodu relives ‘bad experience’ with police


Mrs. Funke Osibodu, Managing Director of Benin Electricity Distribution company, has reflected on her unsavoury experience with operatives of the Nigeria police.


Recall that Osibodu was arrested and thereafter interrogated her during a tussle to takeover the company by some armed policemen on Monday afternoon.

At a media briefing the following day, the BEDC MD, accused police of violating her fundamental human rights, adding that her life is in danger.

According to her, “Somebody marched into the building to say I have been asked to takeover. If there’s a threat to life… It’s to my life”.

“On Monday, some persons came here with guns and said they were police from Abuja.

“They (police operatives) forced themselves into the (BEDC) compound, arrested the security men here and broke into my office.

“The police asked me to follow them to the police headquarters. I followed them.

“When I got to the station, they told me there’s a petition against me, indicating that I was trespassing in BEDC — in addition to threat to life.

“They took my statement and I showed them the court documents”, Osibodu said.

“During the period when we were away for one month (takeover), this company lost N750 million. The collection level went down.

“And if you don’t pay the people selling power, we will not get enough power because we are just distributors”, Osibodu said.

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This followed the controversy over reported activation of the call on the collateralized shares of BEDC Electricity by Fidelity Bank over alleged inability to repay loans obtained to acquire majority stakes in the DisCos in 2013.

But, the BEDC management had maintained that “Vigeo Holdings Limited (VHL – a non-shareholder of BEDC) obtained credit facilities from Stanbic IBTC Bank Limited, Fidelity Bank Plc, and Keystone Bank Plc

The management further clarified that “it is the core investor, Vigeo power that has 60 percent share in BEDC”.

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