STELCO Chief Ali Azwar Named Acting Managing Director of FENAKA

Dr Ali Azwar, the managing director of State Electric Company (STELCO), has been appointed executive director and acting managing director of FENAKA Corporation. The government plans to dissolve FENAKA and move its utility services to STELCO.

The Privatization and Corporatization Board (PCB), which appoints directors to state-owned companies, announced the appointment on its official X account on 15 October. The appointment took effect that day.

The board also appointed Ibrahim Nizam to FENAKA’s board of directors from the same date.

The post, written in Dhivehi, gives no reason for the changes. It does not say how long the acting arrangement will last, and it does not mention the previous managing director.

FENAKA’s Board

The Ministry of Finance’s state-owned enterprise portal already shows the change. It lists Azwar as an executive director and acting managing director of FENAKA, and Nizam as a non-executive director. Hussain Sham Adam is chairman, and Abdulla Nazir and Fathimath Leena are directors. Four board seats, including the accounting and finance seat, are shown as vacant.

The portal lists the government as FENAKA’s sole shareholder, with 100 per cent.

FENAKA’s own leadership page, checked on 15 October, listed Azwar as a director and showed no name next to the managing director post.

STELCO Role

The PCB appointed Azwar managing director of STELCO with effect from 28 April 2026, according to STELCO. He joined the company in 1997 and was previously its deputy managing director. STELCO said he continued to serve as an executive director on its board.

His earlier posts at STELCO include chief operating officer and head of customer services. He holds a doctorate in public policy, specialising in renewable energy policy, from Victoria University of Wellington in New Zealand.

The PCB post does not say whether Azwar will keep his STELCO post while leading FENAKA.

Dissolution Under Way

President Mohamed Muizzu announced on 7 September that FENAKA Corporation Limited would be dissolved and its utility services integrated into STELCO. He said the restructuring would reduce duplicated staffing and unnecessary expenditure. The announcement did not give a completion date.

STELCO has started taking over FENAKA’s operations. It took over electricity services at the central power station in Hithadhoo, Addu City, on 30 September 2026. It began operating in Hulhudhoo and Meedhoo in Seenu Atoll on 1 October.

STELCO said Azwar led its senior management to Addu City to mark the start of operations. The company said it had previously supplied electricity in Addu until 2009, when the government moved the service to Southern Utilities Company.

STELCO said it would continue taking over utility services from FENAKA in other parts of the country.