The state-owned utility provider FENAKA Corporation has appointed retired Major Mohamed Najah as its new Managing Director. The announcement was made by the Privatisation and Corporatisation Board of Maldives on Monday, shortly after the resignation of former Managing Director Muaz Mohamed Rasheed earlier in the day.
Najah, a veteran military officer with over two decades of service, brings extensive experience in logistics and operational management to his new role. He holds a master’s degree in logistics management, a background that is anticipated to contribute to addressing the financial and operational challenges faced by FENAKA.
Resignation Amid Financial Challenges
Muaz stepped down, citing the overwhelming financial difficulties that have plagued the corporation. In his resignation letter to President Mohamed Muizzu, he pointed to mounting debts and inefficiencies within the organisation as key reasons for his decision. According to Muaz, FENAKA’s debt stood at MVR 4.3 billion when he assumed leadership.
He further highlighted the strain caused by overstaffing and limited institutional support to implement necessary reforms. The financial troubles have also led to unprecedented delays in employee salary payments for October and November, a situation Muaz described as without precedent in recent years.
Muaz noted that while he had devised operational plans to address the crisis and shared them with relevant authorities, there was a lack of progress due to insufficient cooperation.
Challenges Ahead
Najah’s appointment comes at a time when FENAKA is under pressure to reform its financial and operational frameworks. The utility provider, responsible for electricity, water, and sewerage services across the Maldives, has been facing calls to improve efficiency and sustainability.
The challenges Najah inherits include addressing the company’s debt, streamlining its workforce, and ensuring the timely payment of employee salaries. Additionally, there is growing public and institutional demand for greater accountability and transparency in how the corporation operates.
With his background in military logistics and strategic planning, Najah is expected to implement structured solutions to the corporation’s pressing challenges. His leadership will be closely watched as FENAKA navigates through this critical phase.
