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The Nigerian government, through the Asset Management Corporation of Nigeria, AMCON, has announced the sale of the Ibadan Electricity Distribution Company, IBEDC, for N100 billion.
Gbenga Alade, Managing Director of AMCON, disclosed this to journalists on Thursday.
According to him, the N100 billion represents AMCON’s 60 percent stake in the company, which is what AMCON divested. The remaining 40 percent stake is held by the Bureau of Public Enterprise.
He noted that AMCON would soon hand over the power firm to the rightful bidder.
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 disclose the name of the company that acquired IBEDC.
Recall that in January 2022, AMCON took over Ibadan DisCo following a judgment by a Federal High Court on September 8, 2021, over default in the Loan Service Agreement.
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