Edo Disco Faults Takeover by Bank

The Management of the Benin Electricity Distribution Company has said that there is no legal basis for the takeover of the company following the purported activation of the call on its collateralized shares by a Nigerian Bank.

In a statement issued by the Corporate Affairs Officer, Ibeamaka Odoh, in Benin on Thursday, the Company disclosed that all matters relating to the BEDC and the Bank were subjects for litigation before a competent court, adding that to act outside the court would amount to an illegal act, which the management would resist.