SaharaReporters reported on Sunday that WPG in a letter dated April 17, which was signed by the Company's chairman, Charles Momoh, announced that Sanda’s appointment had been terminated with immediate effect.
The official reasons why West Power & Gas Limited, the parent company of Eko Electricity Distribution Plc (EKEDP) sacked the immediate former MD/CEO of the electricity distribution company, Ms Tinuade Sanda has emerged.
SaharaReporters reported on Sunday that WPG in a letter dated April 17, which was signed by the Company's chairman, Charles Momoh, announced that Sanda’s appointment had been terminated with immediate effect.
Meanwhile, the firm did not give reasons for sacking Sanda in the termination letter.
But in an internal document obtained by SaharaReporters on Monday, the company accused Ms Sanda of running EkoDisco at an economic loss of 25 per cent way above the 20 per cent target of the National Electricity Regulatory Commission (NERC).
In the document dated April 1, 2024 and titled: "Management changes at Eko Disco executive summary," the firm said she lost the confidence of her Directors and shareholders. The company also accused Ms Sanda of causing division in the company, despite failing to perform to the expectations of the shareholders.
The document partly read: "Eko Disco is operating at a loss level of 25% compared to the NERC target of 20%. Meanwhile, Ikeja Disco outperforms their NERC set target of 19% with a loss level of 17%.
“This is poor compared to our 25% loss level. Customer quality dictates that Eko Disco should naturally outperform Ikeja Disco if it is run properly.
"The past MD has recently been publishing misleading information in online and print media falsely claiming to be MD of the Disco. Such actions, and the suspicion that she was behind the highly defamatory campaigns and false petitions against the board on this matter have severely soured her relationship with the Board.
"The Company must move past this unfortunate period with unity both in management and The Board with a new MD. The MD instigates division among her management colleagues and amongst the board members.
“She has misled the Board regarding information provided by the Board on the activities and indebtedness of the company and has lost the confidence of the majority of the Board and shareholders who hold at least 70% of the core investor company. Under this scenario, the MD has no place anymore with the company.
"The past MD shows a lack of respect for individual directors. She was at one time suspended for being extremely rude to the former BPE DG who was on Eko Disco Board.”
"In conclusion, the past MD has failed to perform to the expectations of the shareholders, has sowed division in the company, has disrespected her Directors, has misled her Directors and the public, and has lost the confidence of her Directors and shareholders," it also read.