JUST IN: AMCON takes over IBEDC over debt

By Akinwande Soji-Ojo

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

This was contained in a memo by the Chief Operating Officer(COO) of IBEDC, Engr. John Ayodele, to members of staff intimating them of the development.

Ayodele, in the memo dated January 20, said the company fell under receivership by a Federal High Court judgement delivered on September 8, 2021. The judgement, according to him, granted preservative orders in favour of AMCON.

Consequently, the government corporation has appointed a lawyer to serve in the receivership action.

He revealed that the receiver arrived on Thursday, January 20, to take charge formally, stating that he already held a meeting with management staff.

The COO, however, allayed fears that may arise over the development and assured staff of job security.

“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 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 | appeal that we continue to remember IBEDC in our prayers,” the memo read.

IBEDC distributes electricity to consumers in Oyo, Osun, Ogun and Ondo States as well as some parts of Ekiti and Kwara States.