-
The Asset Management Corporation of Nigeria (AMCON) has sold its 60% stake in Ibadan Electricity Distribution Company (IBEDC) for N100 billion.
-
AMCON Managing Director, Gbenga Alade, says the new deal almost doubled the initial offer price.
-
The identity of the acquiring firm remains undisclosed as AMCON prepares for formal handover.
The Nigerian government, through the Asset Management Corporation of Nigeria (AMCON), has announced the sale of the Ibadan Electricity Distribution Company (IBEDC) for N100 billion.
The Managing Director of AMCON, Mr Gbenga Alade, revealed this to journalists on Thursday, stating that the N100 billion represents the agency’s 60 percent stake in the power company. The remaining 40 percent ownership belongs to the Bureau of Public Enterprises (BPE).
READ ALSO: Powerful Nigerians Frustrating AMCON’s Efforts To Recover N4.4trn Loans –Senate Panel
ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!
“Today, I announce to you that Ibadan DisCo has been sold. When we came in, it had already been sold. We rejected the initial offer and asked for a fresh bid. At the end of the process, we secured almost double of what was initially proposed,” Alade said.
He, however, did not reveal the identity of the company that acquired IBEDC but confirmed preparations are ongoing to hand over operations to the new owners.
AMCON had taken over Ibadan DisCo in January 2022, following a Federal High Court judgment delivered on September 8, 2021, over the company’s default in a loan service agreement.
