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- The Asset Management Company of Nigeria (AMCON) has announced the merchantability of the Ibadan Electricity Distribution Company (IBEDC) for N100 billion.
- Gbenga Alake, AMCON's MD and CEO, revealed that the institution had initially been undervalued but was yet sold for astir treble the archetypal offer.
- A civilian nine enactment has filed a lawsuit, claiming the merchantability was illicit and undervalued, with ongoing ineligible disputes related to the transaction.
Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
The Asset Management Company of Nigeria (AMCON) has announced that the Ibadan Electricity Distribution Company (IBEDC) has been sold.
Source: Getty Images
Gbenga Alake, the managing manager (MD) and main enforcement serviceman (CEO) of AMCON, disclosed details of the merchantability during a media parley with media executives connected Thursday, June 3rd, according to The Cable report.
In April 2024, the national authorities announced that it would merchantability 5 powerfulness organisation companies nether the absorption of banks and AMCON. The 5 companies see IBEDC, which is tally by AMCON, arsenic good arsenic the Benin Electricity Distribution Company, the Kano Electricity Distribution Company, the Kaduna Electricity Distribution Company, and the Abuja Electricity Distribution Company (AEDC).
According to Alake, who spoke astatine the conference, the institution was sold for N100 billion. He stated that the winning bidder would soon instrumentality implicit the energy institution from AMCON.
“Today, I denote to you that Ibadan DisCo has been sold,” Alake said. “When we came in, it had already been sold. It was sold for however much?” helium asked. “We got successful and said, ‘No, it cannot be. We said they should spell and taxable a caller connection due to the fact that we were not going to merchantability for that price.’ At the extremity of the day, we got astir treble of what Ibadan DisCo was initially going to beryllium sold for.”According to Alake, galore parties are presently engaged successful ineligible disputes arsenic a effect of the sale. He stated that AMCON is assured that the close enactment was taken, adjacent if the lawsuit is inactive pending successful court.
“We person sold it, and immoderate is inactive happening successful court, we volition look it,” helium added.According to a study dated May 15, a civilian nine enactment (CSO) called the African Initiative Against Abuse of Public Trust has sued AMCON, the Nigerian Electricity Regulatory Commission (NERC), the Bureau of Public Enterprises (BPE), and IBEDC successful the Federal High Court successful Abuja implicit a purported $62 cardinal projected merchantability of a 60% involvement successful IBEDC.
In the suit filed nether lawsuit fig FHC/ABJ/CS/866/2025, the CSO characterized the merchantability arsenic “illicit and secretive,” adding that the purported sum was “corruptly undervalued.”
Source: Getty Images
Additionally, the African Initiative stated that the acquisition would effect successful a $107 cardinal loss, arsenic opposed to the $169 cardinal paid for the aforesaid information nether IBEDC's 2013 privatisation.
Electricity institution announces deadline for escaped prepaid meters
Legit.ng reported that Ikeja Electric Plc has announced the last signifier of its escaped prepaid metre organisation nether the Meter Asset Financing (MAF) scheme, targeting lone customers connected Band A feeders.
The institution urged eligible residents to instrumentality contiguous enactment earlier the inaugural officially closes connected June 20, 2025.
In a nationalist notice, Ikeja Electric reminds customers that the metering is wholly free, with a accelerated and casual exertion process.
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Source: Legit.ng
