UBA Set To Auction Abuja Disco To Recover N56.16bn Debt

0 175
CBN

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.

 

CBN

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.

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x