The Privatisation and Corporatization Board (PCB) has appointed Mohamed Najah, a former officer of the Maldives National Defence Force (MNDF), as the new Managing Director of FENAKA Corporation.
Najah, who hails from Malé, served in the MNDF for 21 years and holds a master’s degree in logistics. His appointment comes following the unexpected resignation of Mohamed Muaz, who had been leading the state-owned utility company since November 28, 2024.
In his resignation letter, Muaz cited an inability to improve FENAKA’s operational and financial condition as the primary reason for stepping down. He highlighted the company’s unsustainable financial state, where expenses exceed revenue, making it increasingly challenging to maintain service delivery.
Muaz also pointed out that despite efforts over the past year, he could not achieve the desired results in addressing the significant challenges faced by the company. Earlier this year, Muaz had publicly warned of FENAKA’s deteriorating condition, stating that he saw no clear path forward for the organization.
Najah steps into the role during a critical period for FENAKA, as the company struggles with financial difficulties and operational inefficiencies. His extensive experience in logistics and disciplined leadership from his years in the MNDF are expected to play a pivotal role in addressing the corporation’s challenges.
The transition at FENAKA marks a significant change in leadership, with stakeholders hoping for renewed strategies and effective measures to stabilize the utility provider and improve its service delivery across the Maldives.
