The Asset Management Company of Nigeria (AMCON) has announced the sale of the Ibadan Electricity Distribution Company (IBEDC) for N100 billion.
AMCON’s Managing Director/CEO, Gbenga Alake, disclosed this at a media parley on Thursday.
Apart from IBEDC, AMCON also manages other distribution companies, including the Abuja Electricity Distribution Company (AEDC), Benin Electricity Distribution Company, Kaduna Electricity Distribution Company, and Kano Electricity Distribution Company.
Alake said, “Today, I announce to you that Ibadan DisCo has been sold. When we came in, it had already been sold, but we renegotiated the price and got almost double what it was initially going to be sold for.”
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Regarding ongoing legal issues, Alake stated, “We have sold it, and whatever is still happening in court, we will face it.”
Recalls that in April 2024, the federal government said it would sell five power distribution companies under the management of banks and AMCON.
The DisCo, managed by Asset Management Company of Nigeria, is one of five listed firms. The rest are the Abuja Electricity Distribution Company (AEDC), Benin Electricity Distribution Company, Kaduna Electricity Distribution Company, and Kano Electricity Distribution Company.
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