How AMCON Sold Ibadan Electricity Distribution Company for N100bn

The Asset Management Corporation of Nigeria (AMCON) has finalized the sale of the Ibadan Electricity Distribution Company (IBEDC) for ₦100 billion, marking one of the agency’s biggest recoveries in the power sector.

AMCON’s Managing Director and CEO, Gbenga Alake, announced the sale during a media briefing on Thursday, revealing that the deal was renegotiated to secure nearly double the initial valuation.

“Today, I announce to you that Ibadan DisCo has been sold. When we came in, it had already been sold, but we renegotiated the price and got almost double of what it was initially going to be sold for,” Alake said.

While he did not disclose the identity of the buyer, Alake emphasized AMCON’s determination to resolve any outstanding legal matters connected to the transaction. “We have sold it, and whatever is still happening in court, we will face it,” he stated.

Efforts by newsmen to obtain a reaction from IBEDC officials were unsuccessful as they declined to comment on the development.

Beyond IBEDC, AMCON is also overseeing other ailing electricity distribution companies across the country, including the Abuja, Benin, Kaduna, and Kano DisCos.