AMCON takes over IBEDC

By Larry John Brown

Published: January 23, 2022 | 9:06 AM GMT

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

Engineer John Ayodele, Chief Operating Officer (COO) of the power business that distributes electricity to consumers in Oyo, Osun, Ogun, and Ondo states, as well as parts of Ekiti and Kwara states, revealed this in a message to company employees dated January 20.

Ayodele noted that the company fell under receivership by a September 8, 2021 Federal High Court judgment, which also granted preservative orders in favour of AMCON.

The government corporation has appointed a lawyer to serve in the receivership action and he arrived on Thursday January 20 to take charge formally.

Staff of the company were also assurred of job security despite the takeover. The memo read; “Further, to the judgement wherein the Federal High Court on the 8th of September 2021 granted preservative orders in favour of Asset Management Corporation-“AMCON, (being the Receiver/Manager of Integrated Energy Distribution and Marketing Limited); the court has appointed Mr Kunle Oqunba Esq.SAN to act as Receiver/ Manager Nominee in the receivership action.

“Based on the foregoing the Receiver/Manager came in today 20th January 2022 to the IBEDC Headquarters to take charge formally and subsequently met with the Management team.

Therefore, I hereby wish to 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.

“On behalf of the Management I urge us all to kindly go about the efficient discharge ofour duties to ensure a speedy and mutually beneficial resolution.“I wish us all the best, while | appeal that we continue to remember IBEDC in our prayers.”

About Larry John Brown

Larry John is a talented writer and journalist based in New York, USA. He is a valued contributor to TDPel Media, where he creates engaging and informative content for readers. Larry has a keen interest in current events, business, and technology, and he enjoys exploring these topics in-depth to provide readers with a comprehensive understanding of the issues. His writing style is characterized by its clarity, precision, and attention to detail, which make his articles a pleasure to read. Larry’s passion for storytelling has earned him a reputation as a skilled writer and a respected authority in his field.