Victor EzejaAsset Management Corporation (AMCON) has announced the sale of Ibadan Electricity Distribution Company (IBEDC), for N100 billion.
AMCON Managing Director, Gbenga Alake, who made this known on Thursday, explained that the N100 billion represents AMCON’s 60 per cent stake in the company.
Join our WhatsApp ChannelAlade, who spoke during a press conference on Thursday, stated that the remaining 40 per cent stake is held by the Bureau of Public Enterprise.
He further stated that AMCON will soon hand over the power firm to the preferred bidder.
According to the AMCON DG, the sale has triggered legal battles,
While acknowledging that the matter is in court, Alake insisted that AMCON did the right by selling the DisCos.
“We have sold it, and whatever is still happening in court, we will face it,” he said, adding that “There are so many interests now fighting and writing.”
IBEDC is one of five power distribution companies that the federal government announced it would sell in April 2024. Others include Abuja, Benin, Kaduna, and Kano Electricity Distribution Companies.
All five were previously under the management of banks and AMCON.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
