The Asset Management Corporation of Nigeria (AMCON) has sold the Ibadan Electricity Distribution Company (IBEDC) for N100 billion. This was revealed by AMCON’s Managing Director, who explained that the deal fetched nearly double the price initially agreed before the renegotiation.
Although the company had been previously earmarked for sale, AMCON revisited the terms and secured a significantly higher value. The agency, which also oversees other power firms, including Abuja, Benin, Kaduna, and Kano distribution companies, confirmed that the sale has been completed despite ongoing court matters related to the company.
This move aligns with the federal government’s earlier announcement in April 2024 to privatize five power distribution companies managed by banks and AMCON. IBEDC is the first among the five to be successfully sold under this plan.
