- UBA is planning to sell the Abuja Electricity Distribution Company (AEDC) to recover a debt of N56bn
- The bank took over AEDC in December 2021 after its major stakeholder, Kann Consortium, defaulted on a loan
- The move has led to an increase in UBA’s share price, as investors see it as a positive strategic move
The United Bank for Africa (UBA) has announced its intention to sell the Abuja Electricity Distribution Company (AEDC) in order to recover a debt of $122 million(N56.16bn) owed by the company.
UBA took over AEDC in December 2021 after its major stakeholder, Kann Consortium, was unable to repay the loan it had taken to acquire a 60% stake in the Disco in 2013.
