UBA sets to sell Abuja Disco over $122m debt

By allcitynews.ng & energy times

Unless the demand is meant, the United Bank for Africa (UBA) has revealed plans to sell the Abuja Electricity Distribution Company to recover a $122 million debt the Disco is owing it.

Though the bank’s management has already taken over the Disco since December 2021 following the government’s approval but now it is set to sell it in order to recover the money.

The plan to sell was revealed at the bank’s audited 2022 results conference call (strategic review and outlook).

In December 2021, UBA took over AEDC over the inability of its major stakeholder, Kann Consortium, to service the $122m debt owed to the bank.

It would be recalled that Kann Consortium secured a loan from UBA to acquire AEDC in 2013, making it to hold a 60 per cent stake in the Disco.

However, Bloomberg Executive Director, Risk Management and Finance, Ugochukwu Nwaghodoh, said that discussion about the sale of the Disco was at an advanced level.

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