Following the declaration of force majeure by Integrated Energy Distribution and Marketing Company, the core investor in the Yola Electricity Distribution Company, the Federal Government has taken over the beleaguered power firm.

Consequently, the Federal Ministry of Power has taken over the management and control of the electricity distribution company.

It has also appointed Mr. Baba Mustapha, an engineer, to lead the company in the capacity of an acting managing director. Before his new appointment, Mustapha was a deputy director in the Ministry of Power.

The Head of Public Communication, Bureau of Public Enterprises, Mr. Alex Okoh, confirmed the takeover of the electricity distribution company in a telephone interview with our correspondent in Abuja on Thursday. He, however, declined to give further details.

Integrated Energy Distribution and Marketing Company had on six occasions (November 10, 2013, August 27, 2014, October 15, 2014, April 9, 2015, April 30, 2015 and May 13, 2015) given notices of force majeure, which is an irresistible force or compulsion such as will excuse a party from performing his or her part of a contract.

Consequently, the matter was tabled before the sub-committee of the Technical Committee on Power of the National Council on Privatisation at one of its meetings.

The sub-committee recognised the reality of the force majeure, which was in line with clause seven of the Share Purchase Agreement and made recommendations to the technical committee.

The force majeure clause is a standard clause in most contracts and includes events like natural disasters, wars and other occurrences not within the power or control of the executing party that makes implementation of the contract impossible.

Read More: http://www.punchng.com/news/fg-takes-over-yola-disco-from-private-investors/

One step forward, five steps backward.

I guess the boko haram menace is the reason for the inability of the Yola disco to perform as expected hence, the activation of the force majeure clause in the purchase agreement clause.

If a private company cant run the disco successfully, I wonder how government will fare.

where dat one dey?

Resell to new investor very fast.

everybody loses under this menace. bh violence is an ill wind dt even d boko boys themselves are feeling.

seunmsg:
I guess the boko haram menace is the reason for the inability of the Yola disco to perform as expected hence, the activation of the force majeure clause in the purchase agreement clause.

If a private company can run the disco successfully, I wonder how government will fare.

the Nigeria government will fail badly...

K

Just light

Sai buhari

This shows the fraud the last clueless government did with the power privatisation