Fenaka Corporation’s MD Najah dismissed

Major (Retired) Mohamed Najah has been dismissed from his position as managing director of Fenaka Corporation.

In a post on X on Monday, the Privatization and Corporatization Board (PCB) announced that Najah had been dismissed from his roles as managing director and board member of Fenaka, effective immediately.

The PCB gave no explanation for the decision.

ފެނަކަ ކޯޕަރޭޝަން ލިމިޓެޑްގެ މެނޭޖިންގ ޑިރެކްޓަރުގެ މަޤާމުންނާއި ބޯޑު މެންބަރުކަމުގެ މަޤާމުން ހ.ޔެލޯރޯޒް 2، މޭޖަރ (ރިޓަޔަރޑް) މުޙައްމަދު ނަޖާޙް މިއަދުން ފެށިގެން ވަނީ ވަކިކޮށްފައެވެ.

— Privatization & Corporatization Board (@pcb_gov) April 6, 2026

Najah’s dismissal comes after a little over a year of helming the state utility company.

He was appointed as the Fenaka Corporation’s managing director on December 23, 2024, mere hours after his predecessor, Mohamed Muaz Rasheed announced his resignation.

In his letter of letter of resignation, Muaz expressed frustration over what he described as an “impossible” situation, which he blamed on a staggering MVR 4.3 billion in debt at the time of his 2023 appointment, having to hire employees beyond the corporation’s capacity, lack of cooperation from relevant authorities to right size the corporation, a significant mismatch in cash flow, and the failure to clear years of backlog created due to lack of proper maintenance of utility services in multiple islands.

In November 2025, Najah said that Fenaka continues to grapple with the financial woes left in the wake of years of alleged negligence and mismanagement by the previous administration.