The management of Ibadan Electricity Distribution Company (IBEDC) says it has obtained a court order against the suspension of its board by the Nigerian Electricity Regulatory Commission (NERC).
On June 20, NERC suspended the board of directors of IBEDC over a N6bn “inappropriate” loan to its core investor. The company was given a 21-day ultimate to execute the order.
IBEDC had challenged the action of NERC in court.
On Monday, Nnamdi Dimgba, a judge of the federal high court, Abuja, reportedly ordered the parties involved in the suit to maintain the status quo until the court resolves the matter.
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Dimgba was quoted to have said there would be an accelerated hearing of the matter.
The matter was adjourned till October 15, 2018, for the hearing of the last substantive suit.
In a swift reaction to the suspension, the distribution company (DisCo) had said they made all outstanding payments concerning the loan, asking NERC to reverse the suspension.
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Seye Alayande, the company’s secretary, had described the action as unwarranted and lacking in judgement.
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