AMCON Takes Over Ibadan Electricity Distribution Company Over Insolvency

…There Is No Cause For Alarm—IEDC

The Assets Management Corporation of Nigeria (AMCON) has taken over the Ibadan Electricity Distribution Company (IBEDC) Ltd.

This was contained in a memo dated January 20, 2022 and signed by the Chief Operating Officer (COO) Engineer John Ayodele of IBEDC.

Ayodele in the memo to members of staff informed staff that AMCON has taken over the company due to insolvency.

When THE WHISTLER contacted IBEDC, it was gathered that the development has not been made official.

The memo reads: “Further, to the judgment 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 Ogunba 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.”

Attempts by THE WHISTLER to speak to the spokesperson of AMCON, Jude Nwauzor, were not successful as calls sent to his number were not answered as of 1:19pm when the story was published.

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