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, purported to appoint 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”), a subsidiary of CEC Africa Investments Limited and holder of 60% shares in AEDC.
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.
The Court’s annual recess commenced in July, and the matter comes up for hearing of all pending applications on 28th September 2026.
ARBITRATION
The Arbitration Tribunal is now fully constituted following appointment of a Presiding Arbitrator by the London Court of International Arbitration. The parties have also agreed a Procedural Timetable with effect from 18 August 2018 and are in the process of exchanging pleadings.
The hearing of the Arbitral proceedings will commence soon, and CECA will inform the public of further developments in both the legal suit and the arbitration as they become known.
Accordingly, shareholders are advised to continue to exercise caution when dealing in the company’s shares until a full announcement is made.
Clara Mvula
for CEC Africa Investments Limited
Issued in Lusaka, Zambia on Thursday, September 10, 2026
