Amcon sells Ibadan Disco for N100BN

The Asset Management Corporation of Nigeria (Amcon) has announced that the Ibadan Electricity Distribution Company (Ibedc) has been sold.

Gbenga Alake, CEO (MD) and CEO (CEO) of Amcon, has disclosed the details of the sale during a media parley with the media managers on Thursday.

In April 2024, the Federal Government said that he would sell five energy distribution companies under the management of banks and Amcon.

The disco, managed by Amcon, is one of the five companies listed. The rest are the Abuja Electricity Distribution Company (AEDC), the Benin Electricity Distribution Company, the Kaduna Electricity Distribution Company and the Kano Electricity Distribution Company.

Speaking at the conference, Alake said that the company was sold for N100 billion.

He said that the Amcon will soon deliver the Power Society to the favorite offenant.

“Today I announce that Ibadan Disco has been sold. When we entered, it has already been sold. It was sold for how much?” The Boss of Amcon said.

“We entered and said no, it can’t be. We said they should go and present a new offer that we would not have sold for this.

“In the end, we got almost double what Ibadan discos was sold for.”

Alake said that the sale triggered legal battles, with “so many interests that now fight and write”.

He said that while the question is in court, the Amcon is very sure that the right thing was done.

“We sold it … and whatever is still happening in court, we will face it,” he said.

On May 15, the report issued that the African initiative against the abuse of public trust, an organization of civil society (CSO), filed a cause before the high Federal Court in Abuja against Amcon, Nigerian Electricity Regulatory Commission (Nerc), Bureau of Public Enterprises (BPE) and BPE) and the Ibadan Disco for an alleged sale % in IBEC for $ 62 million.

The CSO, in the cause marked with FHC/Abj/CS/866/2025, described the sale as “secret and illegal”, adding that the alleged amount is “corrupt underestimated”.

The African initiative also stated that the agreement would entail a loss of $ 107 million compared to the 169 million dollars paid for the same participation during the privatization of IBEDC 2013. [TheCable]

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