The Asset Management Company of Nigeria (AMCON), has sold the Ibadan Electricity Distribution Company (IBEDC) for N100 billion
Disclosing this to journalists on Thursday, Gbenga Alake, the Managing Director and Chief Executive Officer (CEO) of AMCON, said his company will soon give the power firm to the rightful bidder.
He said:“Today, I announce to you that Ibadan DisCo has been sold. When we came in, it has already been sold. It was sold for how much?” the AMCON boss said
“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 DisCos was going to be sold for.”
Alake expressed that AMCON did the best thing, though the sale of the power firm is still lingering in court.
ALSO READ:
- Harvard Energy Conference Rallies Experts For Nigeria’s Economic Transformation
- All On invests in PowerGen to close electricity access gap in Nigeria
- NEPCL Powers Lekki Police Division with 12KVA Solar System
- ENERGY TIMES 2026 Awards: Nominations Close September 20 as Entries Hit 122
- NUPRC Warns Flare Gas Awardees Over Permit Revocation
