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.