Asset Management Company of Nigeria (AMCON) has announced the sale of the Ibadan Electricity Distribution Company (IBEDC) for N100 billion.
Gatekeepers News reports that the sale, according to Gbenga Alake, AMCON’s Managing Director and Chief Executive Officer, has triggered legal battles, with several interests contesting the deal.
“We have sold it… and whatever is still happening in court, we will face it,” Alake said during a media parley on Thursday. He added that AMCON is confident that the right thing was done in the sale process.
The sale is part of the federal government’s plan to divest its interests in five power distribution companies managed by banks and AMCON.
The other DisCos include the Abuja Electricity Distribution Company (AEDC), Benin Electricity Distribution Company, Kaduna Electricity Distribution Company, and Kano Electricity Distribution Company.
Alake revealed that AMCON negotiated a better deal for the sale of IBEDC, almost doubling the initial offer.
“When we came in, it has 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.”
