Following the N56.16 billion debt owed by the Abuja Electricity Distribution Company (AEDC) since December 2021 after its major stakeholder, Kann Consortium defaulted on a loan taken to acquire a 60% stake in the Disco in 2023.
The United Bank of Africa (UBA) has resulted in auctioning the AEDC inorder to recover the debt of N56.16 billion soonest.
However, the plan was revealed in its audited results conference call.
The Bloomberg reveals that, the Executive Director, Risk Management and Finance, Ugochukwu Nwaghodoh disclosed that the discussion of the sale has reached an advance stage and is expected to be concluded by this year.