By Victor Ayeni
The Managing Director/Chief Executive Officer of Kaduna Electric, Yusuf Yahaya has announced his resignation 18 months after his appointment.
The MD made this known in a memo directed to all staff members of the company on Friday which was sighted by Saturday PUNCH.
Yahaya, who was appointed in July 2022, noted that the development came at a period when the company experienced a critical low and his intervention was intended to last for six months.
He said, “Dear colleagues, I am moving on from Kaduna Electric. When I was appointed about 18 months ago, it was at a time of critical lows at the company, and in response to which stakeholders – Nigerian Electricity Regulatory Commission, Central Bank of Nigeria, and Lenders – African Export-Import Bank and Fidelity Bank- had stepped in as part of an intervention across multiple Electricity Distribution Companies, including Kaduna Electric.
“The intervention was intended for six months and we have stayed for much longer given unforeseen challenges around the intervention objectives and very difficult persistent circumstances.
“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. Amid very limited investments, and daunting environmental socio-economic challenges, we accomplished so much and there is much more to be done as the turnaround effort is underway.”
Thanking the staff of Kaduna Electric for their support, Yahaya noted that he would be “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 are desperately needed.”
Source: The Punch