Ibadan DisCo Falls into AMCON’s Hands
The Assets Management Corporation of Nigeria, (AMCON) has finally taken over the control of Ibadan Electricity Distribution Company, (IBEDC) Limited over her inability to off-set acquisition loan from Polaris Bank (Skye Bank), several months after it got the Notice of Receivership in August 2021.
In a public notice, AMCON stated that it had appointed Mr Osayaba Giwa-Osagie SAN to take over the Ibadan DisCo’s entire undertakings, assets and monies in all the banks in Nigeria.
Ibadan DisCo distributes electricity to customers in Oyo, Osun, Ogun, Ondo, Ekiti and some parts of Kara States.
The core investor in Ibadan DisCo is Integrated Energy Distribution and Marketing Limited (IEDML), who incidentally was also the core investor in Yola Electricity Distribution Company until it returned it to the Federal Government as a result of inoperable environment following security challenges in the North East region.
In a related development, the Chief Operating Officer of Ibadan DisCo, Engr John Ayodele assuaged the heightened feelings of the staff in a memo to them announcing the AMCON takeover.
According to Engr Ayodele, the staff need not panic. “We are assured of job security which entails our positions, duties, entitlement to our salaries and other benefits, etc”, he said in the memo. He ended it by urging the staff to pray for the DisCo.
Ibadan DisCo is the 2nd DisCo after Abuja DisCo to go into AMCON’s Receivership. The implications of all these on the privatized Power Assets are still unfolding.