- AMCON Announces Sale of IBEDC for ₦100 Billion
- Alade explained that the ₦100 billion covers AMCON’s 60 percent share in the company
- Identity of the company that acquired IBEDC unknown
The Nigerian government, through the Asset Management Corporation of Nigeria (AMCON), has announced the sale of the Ibadan Electricity Distribution Company (IBEDC) for ₦100 billion.
Eko Hot Blog reports that AMCON’s Managing Director, Gbenga Alade, revealed this to journalists on Thursday.
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He explained that the ₦100 billion covers AMCON’s 60 percent share in the company, which it has now divested. The remaining 40 percent stake is owned by the Bureau of Public Enterprises.
Alade added that AMCON will soon transfer control of the power company to the approved buyer.
Alade said, “Today, I announce to you that Ibadan DisCo has been sold. When we came in, it had already been sold. It was sold for how much?”
“We got in and said, ‘No, it cannot be. We said they should go and submit a new offer and that we were not going to sell for that.
“At the end of the day, we got almost double of what Ibadan DisCos was going to be sold for.”
Alade, however, did not reveal the identity of the company that acquired IBEDC.
It will be recalled that in January 2022, AMCON took control of the Ibadan Electricity Distribution Company following a Federal High Court ruling on September 8, 2021, due to a breach of the Loan Service Agreement.
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