Shareholders are referred to the cautionary announcement dated 15 December 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”) who 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 failed to reach an amicable out of court settlement, as
directed by the Court, and the matter was due to be heard on 21 March 2023. However, on that date the
presiding judge was unable to attend to the proceedings, and the matter was adjourned to 25 May 2023
for hearing of the application filed by KANN challenging the unlawful takeover of AEDC by the BPE and
other government agencies.
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
