The Asset Management Corporation of Nigeria (AMCON) has announced the sale of the Ibadan Electricity Distribution Company (IBEDC) for ₦100 billion.
AMCON’s Managing Director/CEO, Gbenga Alake, disclosed this at a media parley on Thursday.
Alake said, “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 what it was initially going to be sold for.”
Speaking on the ongoing legal issues, Alake stated, “We have sold it, and whatever is still happening in court, we will face it.”
Aside from IBEDC, AMCON also manages other distribution companies, including the Abuja Electricity Distribution Company (AEDC), Benin Electricity Distribution Company, Kaduna Electricity Distribution Company, and Kano Electricity Distribution Company.
