The Asset Management Corporation of Nigeria (AMCON) has announced the sale of the Ibadan Electricity Distribution Company (IBEDC) for N100 billion.
This was disclosed by Gbenga Alake, Managing Director and Chief Executive Officer of AMCON, during a media parley with journalists on Thursday.
“Today, I announce to you that Ibadan DisCo has been sold,” Alake said.
“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 that we were not going to sell for that.”
He explained that AMCON’s intervention led to a much better deal.
“At the end of the day, we got almost double of what Ibadan DisCo was going to be sold for,” he added.
The sale, however, has sparked legal challenges. Alake acknowledged that the matter is currently in court, but insisted that AMCON acted in the best interest of the country.
“We have sold it and whatever is still happening in court, we will face it,” he said. “There are so many interests now fighting and writing.”
IBEDC is one of five power distribution companies the federal government announced it would sell in April 2024. The others include Abuja, Benin, Kaduna, and Kano Electricity Distribution Companies. All five were previously under the management of banks and AMCON.