The Asset Management Corporation of Nigeria (AMCON) has announced the sale of the Ibadan Electricity Distribution Company (IBEDC) for N100 billion.
AMCON’s Managing Director, Gbenga Alade, made the disclosure during a press briefing on Thursday, stating that the amount represents the Corporation’s 60 per cent equity stake in the utility firm. The remaining 40 per cent remains under the purview of the Bureau of Public Enterprises (BPE).
Alade confirmed that the process of handing over the company to the preferred bidder is already underway.
He explained, “Today, I officially announce that Ibadan DisCo has been sold. When we initially intervened, the asset had already been sold, but we rejected the initial offer, insisting on a revised bid.”
He continued, “Eventually, we secured almost twice the amount initially proposed for the sale of IBEDC.”
Alade, however, refrained from naming the successful bidder.
It will be recalled that AMCON assumed control of the Ibadan DisCo in January 2022, following a Federal High Court ruling delivered on 8 September 2021, after the company defaulted on its Loan Service Agreement.
