Mr. Yusuf Usman Yahaya, Managing Director of Kaduna Electric, has tendered his resignation.
Inside sources who disclosed the development to Daily Trust confirmed that an internal memo addressed to his colleagues, indicated his decision to move on from the company.
Yahaya assumed the role of Managing Director approximately 18 months ago, during a critical period for Kaduna Electric.
The appointment coincided with an intervention by key stakeholders, including the Nigerian Electricity Regulatory Commission (NERC), the Central Bank of Nigeria (CBN), and lenders such as the African Export-Import Bank and Fidelity Bank.
Daily Trust findings showed that the intervention, originally intended for six months, was extended due to unforeseen challenges and persistently difficult circumstances.
In the memo, he expressed gratitude to his colleagues for their time and collaborative efforts.
"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 (NERC), Central Bank of Nigeria (CBN), 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 6 months and we have stayed for much longer given unforeseen challenges around the intervention objectives and very difficult persistent circumstances."
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"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.
In the midst of very limited investments, daunting environmental socio-economic challenges, we accomplished so much and there is much more to be done as the turnaround effort is underway. As my tenure has come to an end at Kaduna Electric, I am 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 is desperately needed. I thank you all for our time and work together."
The company is yet to officially react to the transition, which marks a crucial moment for Kaduna Electric, with stakeholders now tasked with steering the company through the next phase of its development.
