Due to insolvency and court judgement, the Ibadan Electricity Distribution Company (IBEDC) Limited has been taken over by the Assets Management Corporation of Nigeria (AMCON).

AMCON is an intervention agency to take over banks’ toxic loans.

The Integrated Energy Distribution and Marketing Limited, the original owners of IBEDC, is indebted to some banks.

The electricity firm came under receivership on Thursday, January 20.

Chief Operating Officer (COO) of IBEDC, Engr. John Ayodele, made the disclosure in a memo to the staff, a copy of which was made available to The Star.

The memo reads: “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 of our duties to ensure a speedy and mutually beneficial resolution.

“I wish us all the best, while I appeal that we continue to remember IBEDC in our prayers.”

IBEDC supplies electricity to Oyo, Osun, Ogun and Ondo consumers as well as parts of Ekiti and Kwara states.

TheStar