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Power sector privatisation records major loan default, UBA takes over disco

The United Bank for Africa Plc has taken over the majority stake in the Abuja Electricity Distribution Company and has received the endorsement of the Federal Government, the Minister of Power, Abubakar Aliyu, announced on Wednesday.
Aliyu said the Deposit Money Bank had to take over the power firm due to the inability of the AEDC’s major investor (Kann Consortium) to effectively service the loans obtained from UBA when it acquired the Disco in 2013.
UBA had acted as the mandated lead arranger, underwriting $122m (about N20bn then) for Kann Consortium’s acquisition of the AEDC.
Providing explanations on Wednesday on what led to the recent changes in the ownership structure and management at the AEDC, the power minister in a statement he signed said the takeover of the Disco by the bank had to happen.
He said, “The AEDC has, of recent, been facing significant operational challenges arising from a dispute between the core investors (KANN Consortium) as owners of 60 per cent equity in the AEDC and UBA as lenders for the acquisition for the majority shareholding in the public utility.
“The situation has currently deteriorated due to lack of access to intervention finances leading to a point whereby legitimate entitlements of the staff are being owed thus leading to service disruptions on December 6, 2021 within its franchise area.
“The Federal Ministry of Power has since taken the initiative to engage organised labour and electricity service has since been restored in the Federal Capital Territory and the states served by the AEDC.”
Aliyu added, “The UBA, as a lender, and in exercising its rights over the shares of KANN Consortium in the AEDC, has taken over the shares of the obligor in the AEDC. This takeover of the majority stake in the AEDC by UBA has consequently led to the reported changes in the management of the AEDC.”
He said the changes in shareholding in the AEDC and the appointment of an interim management for the Disco by the shareholders had been endorsed by the Nigerian Electricity Regulatory Commission and the Bureau of Public Enterprises (as co-shareholders in the AEDC).
The AEDC is the licensed utility that serves end-use electricity customers in Kogi, Nasarawa, Niger states and the Federal Capital Territory.
Also the NERC and BPE in a joint statement said there had been an ongoing dispute among competing factions of the AEDC’s majority shareholder/core investor Kann Utility Company Limited.
They said this dispute eventually spilled over to a dispute with the lender that provided the acquisition loan to Kann for the acquisition of majority shares during the privatisation exercise in 2013
“During the course of the intractable crisis, the AEDC not only struggled to meet its obligations to the market under the terms and conditions of its licence but was also unable to meet its obligations to key stakeholders in the organisation including staff, culminating in the industrial action by members of the Nigerian Union of Electricity Employees,” they stated.
The agencies added, “Eventually, this resulted in a total service disruption on December 6, 2021 for over 14 hours in the AEDC’s network area.”
The statement stated that Kann’s inability to service its acquisition loan and the ensuing dispute over the servicing of the loan from UBA made the lender to exercise its rights by appointing a receiver/manager over Kann.
It stated that stakeholders including the NERC, Central Bank of Nigeria and the BPE had on several times worked to broker an amicable resolution between the contending parties.
The agencies said it became apparent that decisive steps were required to address the matter and the BPE agreed with the lender’s request to exercise its powers as receiver/manager over Kann.
This was by exercising its powers over the 60 per cent equity in the AEDC as a means to recovering the acquisition loan granted by the bank.
“The action to appoint an interim team to manage the AEDC was not done on the basis of a directive from the Federal Government as being falsely reported in the press but on the basis of legal processes arising from the failure of the core investor in the AEDC to meet its obligations to a lender,” the statement added.
It stated that the receiver/manager had agreed to the appointment of an interim management team in conjunction with the BPE as part of measures designed to address business failure events and ensure continuity of service to end-use customers in the service area.
“The Federal Government remains committed to the ongoing initiatives on the recovery of the electricity sector but private investors should remain cognisant of their fiduciary responsibilities to their stakeholders especially in regulated utilities and should not act in a manner that jeopardises public interest,” it stated.
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Access Bank Secures DFIs’ USD 100 Million Facility led by German DEG for MSMEs and Gender Equality in Nigeria

L-R: Saheed Adiamo, Unit Head, Strategic Investments, Access Bank; Roland Siller, Chief Executive Officer, DEG; Roosevelt Ogbonna, Managing Director/Chief Executive Officer, Access Bank; Elizabeth Oguegbu, Group Head, Financial Markets and Funding, Access Bank; Uche Onichabor, Team Member, Project and Structured Finance, Access Bank, and Sotochi Ekeocha, Team Member, Strategic Projects and Funding, Access Bank, at the signing of a USD 100 million senior loan facility to support Nigerian MSMEs, small corporates, and women-led businesses, held on the sidelines of the Africa CEO Forum in Abidjan, Côte d’Ivoire… recently.
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Access Bank Plc has successfully closed a USD 100 million senior loan facility with a consortium of Development Finance Institutions (DFIs), led by the German DFI DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH, and supported by FinDev Canada, Amsterdam-based asset manager ILX, as well as Austrian DFI OeEB, Oesterreichische Entwicklungsbank AG. This significant financing will support privately-owned MSMEs, small corporates, and family-owned businesses across Nigeria, with a particular focus on promoting female entrepreneurship and economic empowerment.
At least 30 per cent of the facility will be dedicated to gender lens investing in the spirit of the 2X Challenge, ensuring that women-owned and women-managed businesses are prioritised. This initiative is crucial in Nigeria, Africa’s most populous country, where supporting women entrepreneurs and MSMEs can drive job creation and contribute to reducing inequality.
Roosevelt Ogbonna, Group Managing Director of Access Bank Plc, commented on the partnership, said, “At Access Bank, we remain steadfast in our commitment to driving economic transformation and fostering inclusive growth across all the countries we operate. This partnership not only strengthens our ongoing efforts to empower women in business but also reinforces our support for Nigeria’s MSME sector, which plays a pivotal role in the country’s economic development. Through strategic collaborations like this, we continue to enhance opportunities for underserved communities, and we look forward to building on this success to impact even more lives across Africa.”
This facility marks the fourth collaboration between DEG and Access Bank Group, but it is also the first time in their eight-year partnership that DEG’s has acted as the lead arranger. DEG’s investment in the deal amounts to USD 25 million, strengthening the long-term relationship between the two institutions.
Also, Roland Siller, CEO of DEG shared his thoughts on the partnership, stated that, “This financing marks a major step in our ongoing commitment to supporting inclusive growth in Africa. By partnering with Access Bank, we are not just empowering women entrepreneurs and strengthening MSMEs but also investing in the future of Nigeria’s economy. This collaboration, which has blossomed over the last eight years, goes beyond just providing funding and speaks to our shared commitment in creating sustainable, long-term opportunities that foster job creation and innovation. At DEG, we are focused on helping businesses in developing and emerging markets thrive, offering not just financial support but also advisory services that help them scale and succeed. Our work with Access Bank is a clear example of how we can build stronger economies through impactful, sustainable investments.”
In 2024, Access Bank made significant social and environmental impact across the continent, touching millions of lives and earning multiple industry accolades. Through various corporate social investment initiatives in education, entrepreneurship, health, and the environment, the Group reached over 21 million individuals across Africa. Through its W-Initiative, the Bank disbursed loans to over a million women-led SMEs, advancing financial inclusion and gender empowerment.
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Buy Africa, it’s not inferior”: Ogbonna, Mene, Zubairu Chart Path for Developing Continental Trade at Africa CEO Forum

At the Africa CEO Forum, leaders from across the continent gathered to discuss the critical role of private sector-led growth in the development of African trade and market integration under the topic “Fast-tracking African Integration: The Private Sector Imperative”. The session, which was one of the highlights of the 2-day event in Abidjan, saw Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank, join Wamkele Mene, Secretary General of the AfCFTA, and Samaila Zubairu, President & CEO of Africa Finance Corporation (AFC), in a powerful conversation focused on the opportunities and challenges for Africa in the face of shifting global trade dynamics.
The panellists were united in their belief that Africa’s transformation hinges on the development of regional value chains, the scaling of intra-African trade, and the need to build both financial and infrastructural capacities that will enable economic integration. In his remarks, Ogbonna underscored the potential for the continent to reframe its narrative and urged African nations to embrace their strengths.
He stated, “Years ago, if you told someone something was made in China or Taiwan, it was often seen as inferior. Fast forward 30, 40 years, and now ‘Made in China’ is a symbol of quality, and ‘Made in Taiwan’ commands respect globally. The difference? These countries built a strong domestic market that allowed them to scale, build proficiency, and innovate. Africa is no different. We have everything we need, from abundant raw materials and vast natural resources, to a youthful population and fertile land. There is no reason why Africa has not yet transformed itself into the powerhouse we know it can be. Africa has what it takes to win, and my charge remains the same as I gave during our inaugural Africa Trade Conference in South Africa: Buy Africa, it’s not inferior!”
Mene and Zubairu echoed Ogbonna’s sentiments, with Mene highlighting the tangible steps taken to drive integration, such as the introduction of the e-Tariff Book and the AfCFTA Adjustment Fund. Zubairu emphasized the critical need for synergy between public and private investment to address Africa’s infrastructure gaps and finance its development priorities.
The discussion also focused on the barriers preventing the scaling of intra-African trade, notably the lack of adequate logistics and transport infrastructure. The Pan-African Payments and Settlement System (PAPSS) was highlighted as a potential game-changer in unlocking new cross-border trade opportunities by facilitating smoother payments and transactions.
Ogbonna reinforced the importance of private sector involvement in regional trade, particularly for micro, small, and medium-sized enterprises (MSMEs). “Africa’s MSMEs are the backbone of its economy,” he said, “yet they face a trade finance gap of around $120 billion. Financial institutions must innovate to close this gap and provide the liquidity these businesses need to grow and scale.”
As Africa continues to explore new avenues for trade and investment, Ogbonna’s message resonated with the audience: the time is now for Africans to believe in Africa, invest in Africa, and transform the continent into the economic powerhouse it is destined to be.
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Okobi, Esomeju, Otaigbe Join Global Leaders to Discuss Sustainable Finance, Economic Transition at UNEP FI’s Regional Roundtable

As part of its continued commitment to sustainability, Access Holdings PLC will be amongst the leading participants in the United Nations Environment Programme Finance Initiative (UNEP FI) Regional Roundtable on Sustainable Finance for Africa and Middle East. Taking place from May 6-7, 2025, in Marrakech, Morocco, the event will bring together regulators, policymakers, and key stakeholders from the financial sector to discuss and shape critical sustainability issues, including climate mitigation and adaptation, nature-positive finance, just transition and financial inclusion, carbon finance, among others.Amaechi Okobi, Chief Brand and Communications Officer of Access Holdings; Edmund Otaigbe, Group Head of Credit Administration, Governance & Project Monitoring, and Njideka Esomeju, Group Head of Products and Segments, will be contributing insights from their extensive experience in driving sustainability within the financial sector. Among the discussions will be sessions dedicated to accelerating the transition of real economy sectors towards sustainability, addressing climate risks, and ensuring financial inclusion. One of the focal points will be how financial institutions can support climate adaptation and resilience, particularly in vulnerable sectors across Africa and the Middle East. The event will further tackle the challenge of unlocking private finance for the Sustainable Development Goals (SDGs), exploring innovative ways to align capital flows with regional sustainability needs.Other high-level dialogues will explore regional collaboration to support sustainability goals, advancing action on climate adaptation, and the regulatory developments promoting sustainable finance across the region. Panels will focus on topics such as financing and insuring MSMEs for climate resilience and fostering an inclusive transition by ensuring that vulnerable communities and underserved populations are not left behind in the push for green growth.Prominent speakers at the event include Mahmoud Mohieldin, UN Special Envoy on Financing the 2030 Agenda; Louise Gardiner, Senior Operations Officer at the International Finance Corporation (IFC); Lily Burge, Policy Manager, Climate Bonds Initiative; Samuel Tiriongo, Director of Research and Policy, Kenya Bankers Association;Walid Ali, General Manager, Sustainability Department, Central Bank of Egypt; Yasser Mounsif, Director of Issuers, Moroccan Capital Market Authority, alongside other leaders in sustainable finance.
www.accessbankplc.com The UNEP FI Regional Roundtable promises to be a critical platform for deepening collaboration among stakeholders across Africa and the Middle East, with the shared goal of creating a resilient, sustainable future for the region.###Access Holdings PlcAccess Holdings Plc is a leading multinational financial services group that offers banking, lending, payment, insurance, and pensions services. Headquartered in Lagos, Nigeria, Access Holdings operates through a network of more than 700 branches and service outlets, spanning three continents, 24 countries, and 60+ million customers.Access transitioned into a holding company to drive rapid growth and become a full-scale ecosystem player offering interconnected services across customer needs. Established in 2022, Access Holdings Plc consists of the Access Bank Group; Access ARM Pensions; a Payment and Switching Services Company; a Digital Lending Company, and an Insurance Brokerage Company. The banking vertical serves its various markets through four business segments: Retail, Business, Commercial and Corporate, and has enjoyed what is it arguably Africa’s most successful banking growth trajectory in the last eighteen years, becoming one of Africa’s largest retail banks by customer base and Sub-Saharan Africa’s largest bank by total assets. Access Holdings strives to deliver sustainable economic growth that is profitable, environmentally responsible, and socially relevant, helping customers to access more and achieve their dreams.About Access Bank PLC Access Bank, a wholly owned subsidiary of Access Holdings Plc, is a leading full-service commercial bank operating through a network of more than 700 branches and service outlets spanning 3 continents, 24 countries and over 60 million customers. The Bank employs over 28,000 people in its operations in Africa and Europe, with representative offices in China, Lebanon, India, and the UAE.Access Bank’s parent company, Access Holdings Plc, has been listed on the Nigerian Stock Exchange since 1998. The Bank is a diversified financial institution which combines a strong retail customer franchise and digital platform with deep corporate banking expertise, proven risk management and capital management capabilities. The Bank services its various markets through three key business segments: Corporate and Investment Banking, Commercial Banking, and Retail Banking. The Bank has enjoyed
www.accessbankplc.com what is arguably Africa’s most successful banking growth trajectory in the last 20 years, becoming one of the continent’s largest retail banks.As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible, and socially relevant, helping customers to access more and achieve their dreams.
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