The Asset Management Corporation of Nigeria (AMCON) has sold the Ibadan Electricity Distribution Company (IBEDC) for ₦100 billion, nearly twice the original price proposed earlier.
AMCON’s Managing Director, Gbenga Alake, revealed during a recent media briefing that the sale price was increased after AMCON took over the process, insisting on a higher valuation than initially set. This sale is part of the federal government’s plan to privatize five power distribution companies managed by AMCON and banks, announced in April 2024.
IBEDC is one of the five companies up for sale, alongside Benin, Kano, Kaduna, and Abuja Electricity Distribution Companies. The deal is almost complete, with AMCON preparing to hand over IBEDC to the winning bidder, whose name has not been made public.
However, the sale has faced legal challenges, with some lawsuits claiming the process was improper and undervalued, potentially causing financial losses. AMCON insists the sale was transparent and says future sales will reflect true market value.
