The Asset Management Corporation of Nigeria (AMCON), on Thursday, confirmed the sale of the Ibadan Electricity Distribution Company (IBEDC) for N100 billion.
The Corporation also accused debtors of undermining the Nigerian economy, alleging that many never intended to repay the loans they secured from various banks.
The IBEDC sale, made to an undisclosed bidder, is a major step in the federal government’s ongoing divestment from distressed electricity distribution companies.
The Managing Director and Chief Executive Officer of AMCON, Gbenga Alade, made the disclosure during a media parley with senior journalists in Lagos.
He noted that the transaction, which is part of the federal government’s wider power sector reforms, will soon be concluded with the handover of IBEDC to the preferred bidder. “Today, I announce to you that Ibadan DisCo has been sold,” Alade declared.
He continued: “When we came in, it had already been sold. It was sold for how much? 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.”
