AMCON Sells Ibadan Electricity Distribution Company At N100 Billion

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Brand Spur
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AMCON Sells Ibadan Electricity Distribution Company At N100 BillionAMCON Sells Ibadan Electricity Distribution Company At N100 Billion Ibadan Electricity Distribution Company (IBEDC) has been sold for N100 billion by the Nigerian government through the Asset Management Corporation of Nigeria (AMCON). On Thursday, AMCON's Managing Director, Gbenga Alade, revealed this. He claims that AMCON sold off its 60% stake in the business, which is represented by the N100 billion. The Bureau of Public Enterprise owns 40% of the remaining shares. He said AMCON would soon turn the power company over to the highest bidder, BrandSpur Nigeria news reports. According to the AMCON boss: “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,” he added. However, the identity of the company that purchased IBEDC was not revealed. Remember that Ibadan DisCo was acquired by AMCON in January 2022 after a Federal High Court ruled on September 8, 2021, that the Loan Service Agreement was in default.

Ibadan Electricity Distribution Company (IBEDC) has been sold for N100 billion by the Nigerian government through the Asset Management Corporation of Nigeria (AMCON).

 

On Thursday, AMCON’s Managing Director, Gbenga Alade, revealed this. He claims that AMCON sold off its 60% stake in the business, which is represented by the N100 billion. The Bureau of Public Enterprise owns 40% of the remaining shares. He said AMCON would soon turn the power company over to the highest bidder, BrandSpur Nigeria news reports.

According to the AMCON boss: “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.

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“At the end of the day, we got almost double of what Ibadan DisCos was going to be sold for,” he added.

However, the identity of the company that purchased IBEDC was not revealed. Remember that Ibadan DisCo was acquired by AMCON in January 2022 after a Federal High Court ruled on September 8, 2021, that the Loan Service Agreement was in default.