The Asset Management Company of Nigeria (AMCON) has announced the sale of the Ibadan Electricity Distribution Company (IBEDC) for N100 billion.
The Managing Director and Chief Executive Officer (CEO) of AMCON, Gbenga Alake, announced this in a media chat on Thursday, July 3, 2025.
Alake disclosed that AMCON will soon hand over IBEDC to the preferred bidder.
Alake said: “Ibadan DisCo has been sold. When we came in, it has already been sold.
“We got in and said no, it cannot be. We said they should go and submit a new offer that we were not going to sell for that.
“At the end of the day, we got almost double of what Ibadan DisCo was going to be sold for.”
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He stated the sale of the power firm triggered legal battles, with “many interests now fighting and writing”.
Alake, who noted that the matter is in court, said AMCON remains positive that the right thing was done.
“We have sold it, and whatever is still happening in court, we will face it,” Alake added.
It would be recalled that the federal government, in April 2024, announced that it would sell five power distribution companies under the management of banks and AMCON.
The Ibadan DisCo, managed by AMCON, is one of five listed firms.
Other affected DisCos are Benin Electricity Distribution Company, Abuja Electricity Distribution Company, Kaduna Electricity Distribution Company, and Kano Electricity Distribution Company.
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