AMCON Takes Over Ibadan Electricity Distribution Company

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The Assets Management Corporation of Nigeria (AMCON) on Friday announced the takeover of the Ibadan Electricity Distribution Company (IBEDC) Ltd over insolvency.


The Chief Operating Officer (COO) Engineer John Ayodele made this known in a memo to members of staff intimating them of the development, The Nation reports.


Ayodele, in the January 20 memo, said the company fell under receivership by a September 8, 2021, Federal High Court judgment.


He explained the government corporation has appointed a lawyer to serve in the receivership action.


He revealed that the receiver arrived on Thursday, January 20 to take charge formally, hinting that he already held a meeting with the management staff.


Ayodele, however, allayed fears over the development and assured staff of job security.


The memo reads: “Further, to the judgement wherein the Federal High Court on the 8th of September 2021 granted preservative orders in favour of Asset Management Corporation- AMCON, (being the Receiver/Manager of Integrated Energy Distribution and Marketing Limited); the court has appointed Mr Kunle Oqunba Esq.SAN to act as Receiver/ Manager Nominee in the receivership action.


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