The new core investors in Ibadan Electricity Distribution Company (IBEDC) have pledged to inject fresh funds into the company to improve electricity supply and customer service across its franchise areas.
Speaking at the end of a reconstituted Board of Directors’ meeting in Ibadan on Tuesday—following the resignation of three nominees of the Asset Management Corporation of Nigeria (AMCON)—the Chairman of the Board, Chief Tunde J. Afolabi, said the emergence of a new core investor and the newly constituted board marks a significant milestone in the company’s corporate journey.
According to him, the development signals a renewed strategic direction focused on stability, continuity, and sustainable growth.
“This transition represents renewal, not rupture. It represents investment, not instability. It represents partnership, not division,” Afolabi stated.
“Our goal is to strengthen governance, enhance operational performance, deepen capital investment, and deliver improved service to customers across our franchise areas.”
Established in November 2013 following Nigeria’s power sector privatization, IBEDC is licensed to distribute electricity across Ogun, Oyo, Osun, and Kwara states, as well as parts of Ekiti, Kogi, and Niger states.
The company operates the largest distribution network and serves the highest customer population within Nigeria’s electricity distribution landscape.Addressing customers, the chairman assured there would be no avoidable service disruptions arising from the transition, noting that all IBEDC offices would remain open while field operations continue uninterrupted.
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He disclosed that the new investors have committed to sustained capital investments in feeder rehabilitation and expansion, transformer upgrades and replacements, injection substation improvements, and the replacement of obsolete network components.
In addition, IBEDC plans to accelerate the integration of advanced digital and operational technologies, including enhanced outage management systems, strengthened billing platforms, expanded smart metering deployment, and digitized customer engagement channels aimed at improving transparency and service responsiveness.
On workforce stability, Afolabi emphasized that there would be no job losses as a direct result of the transition.
The board reaffirmed its commitment to employee welfare through improved work tools, modern safety equipment, and technology upgrades to support field efficiency while maintaining high performance standards.
The board also pledged proactive engagement with regulators, including the Nigerian Electricity Regulatory Commission (NERC) and the Nigerian Electricity Management Services Agency (NEMSA), underscoring its commitment to regulatory compliance, transparency, and accountability.
The newly constituted board is chaired by Afolabi, with members including Ayodeji Ariyo Gbeleyi (with Michael I. Magaji as Alternate Director), Dr. Taiwo Afolabi, Prof. Oladapo Afolabi, Tunde Fayinka, Oluwaseyi Akinwale, and Adeolu Ijose.
With the new board in place, IBEDC said it is poised to deepen operational excellence, strengthen financial sustainability, and position itself firmly on the path to becoming Nigeria’s leading power distribution company.
The company further reaffirmed its commitment to structured and timely payment cycles for vendors and suppliers, recognizing their critical role in maintaining network stability.
