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AMCON Takes Over Ibadan Electricity Distribution Company

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The Assets Management Corporation of Nigeria (AMCON) has taken over the Ibadan Electricity Distribution Company (IBEDC) Ltd over insolvency.

The Chief Operating Officer (COO) Engineer John Ayodele disclosed this in a memo to members of staff intimating them of the development.

Ayodele, in the January 20 memo, said the company fell under receivership by a September 8, 2021 Federal High Court judgment.

The judgment, he said, granted preservative orders in favour of AMCON. He explained the government corporation has appointed a lawyer to serve in the receivership action.

He disclosed that the receiver arrived on Thursday January 20 to take charge formally, hinting that he already held a meeting with the management staff.

Ayodele, however, allayed fears over the development and assured staff of job security.

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