The assets of Ibadan Electricity Distribution Company (IBEDC) have reportedly been taken over by the Asset Management Corporation of Nigeria (AMCON) for defaulting on a loan facility.
Integrated Energy Distribution and Marketing (IEDM) Limited, the core investor of IBEDC, and other investors own 60 per cent of the utility company while the government controls 40 per cent of the shares.
The Nigerian Electricity Regulatory Commission (NERC) had previously fined IBEDC ₦50 million for failure to secure a refund of an interest-free loan the board of the company granted to its core investor group.
In a circular purportedly issued by the Chief Operating Officer of IBEDC, John Ayodele, he allayed the fear of job loss and urged customers to be calm. He said the development was a result of a judgement wherein a Federal High Court on September 8, 2021, granted preservative orders in favour of AMCON (being the receiver/manager of Integrated Energy Distribution and Marketing Limited).
“Based on the foregoing, the receiver/manager came in today 20th January 2022 to the IBEDC headquarters to take charge formally and subsequently meet with the management team. Therefore, I hereby inform all staff that there is no cause for alarm. We are assured of job security which entails our position/duties in the company, being entitlements to our salaries and other benefits etc,” Ayodele said.
An insider who is familiar with the issue and pleaded not to be quoted told The Guardian that AMCON had met with the core investor to resolve the issue.
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