Kaduna Electricity Distribution Company (KAEDCO) has announced the resignation of Yusuf Yahaya as managing director and chief executive officer.
In a statement on Friday, KAEDCO said Yahaya was appointed in July 2022 after concerted efforts by stakeholders—the Nigerian Electricity Regulatory Commission, Bureau of Public Enterprises, Central Bank of Nigeria, African Export-Import Bank, and Fidelity Bank—as an intervention in the DisCo.
According to the company, since his appointment, Yahaya has successfully led a turnaround program, implementing critical organisational reform, achieving commercial growth, and improving service delivery through extensive investments in network and energy management infrastructure.
“Kaduna Electric wishes to convey its gratitude to Engr. Yusuf Usman Yahaya for his leadership and management in initiating the much-needed corporate turnaround of the company and extends our best wishes in his next endeavors,” the DisCo said.
Speaking on his exit from the company, Yahaya said his tenure lasted longer than initially planned, as he was expected to lead KAEDCO for six months.
He said his appointment 18 months ago came at a time of critical lows at KAEDCO, with unforeseen challenges around the intervention objectives and difficult, persistent circumstances making his stay longer.
“In the time since then, we have taken on the challenges by addressing corporate reform and turnaround-spanning infrastructure revamp across our network in Kaduna, Kebbi, Sokoto and Zamfara States, enhancing commercial performance, improving the balance sheet of the company, and delivering improved services to our customers. In the course of these, we also sought to enhance the terms and working conditions of our most prized asset employees,” he said.
“As my tenure has come to an end at Kaduna Electric, I am moving from the company as stakeholders carry on the pending task of the sale of core investor interests in aid of the steady ownership and critical investments that is desperately needed.”
On July 7, 2023, the federal government announced the planned takeover of Benin, Kano, and Kaduna DisCos by Fidelity Bank Plc, Afreximbank and AMCON.