CECA – Further Cautionary Announcement

By Published On: December 7th, 2023Categories: Corporate announcement

Shareholders are referred to the cautionary announcement dated December 15, 2021, issued by the CEC Africa Investments Limited (“CECA” or the “Company”) informing the market of the developments in Nigeria in relation to the purported takeover of Abuja Electricity Distribution Plc (“AEDC”) by the Bureau of Public Enterprise (“BPE”).

Shareholders are aware that in December 2021, the Bureau of Public Enterprise (“BPE”) which holds shares in AEDC, appointed an interim Board of Directors and management team to stabilize the operations of AEDC that were being affected by the dispute between the shareholders of KANN Utility Limited (“KANN”).

In response to the alleged takeover of the operations of AEDC, KANN instituted a suit against the BPE and other government agencies seeking court-ordered restraint against interference with the operations at AEDC. Shareholders will recall that the parties were unable to reach an amicable out-of-court settlement as directed by the Court.

After several adjournments, the matter was slated to be heard on 16th November 2023. However, the court did not sit on that day as the judge, Honourable Justice Gladys Olotu was attending the Judges Annual Conference in Abuja. The matter has been adjourned to 18th January 2024.

CECA will inform the public of further developments in the matter as they become known. Accordingly, shareholders are advised to exercise caution when dealing in the Company’s shares until a full announcement is made.

Clara Mvula
Head, Corporate Services

Issued in Lusaka, Zambia on Thursday, December 7, 2023

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