AMCON takes over IBEDC

Against the backdrop of insolvency, the Assets Management Corporation of Nigeria (AMCON) has taken over the control of Ibadan Electricity Distribution Company (IBEDC) Ltd, Tribune Online authoritatively gathered.

The development followed a September 8 Federal High Court judgement, which granted the receivership of IBEDC in favour of AMCOM.

The Chief Operating Officer (COO) of IBEDC, Engineer John Ayodele made this disclosure in a memo to members of staff.

Ayodele, in the January 20 memo, said the company fell under receivership by the court judgment, which granted preservative orders in favour of AMCON, explaining that the government corporation had already appointed a lawyer to serve in the receivership action.

He also added that the receiver arrived on Thursday, January 20 to take charge formally, saying that he already held a meeting with the management staff.

But, Ayodele dismissed the fears of IBEDC staff over the taking over of the organisation by AMCON, assuring that have nothing to worry about regarding their job security.

According to the memo, “Further, to the judgement wherein the Federal High Court on the 8th of September 2021 granted preservative orders in favour of Asset Management Corporation- AMCON, (being the Receiver/Manager of Integrated Energy Distribution and Marketing Limited); the court has appointed Mr Kunle Oqunba Esq. (SAN) to act as Receiver/ Manager Nominee in the receivership action.

“Based on the foregoing, the Receiver/Manager came in today 20th January 2022 to the IBEDC Headquarters to take charge formally and subsequently met with the management team. Therefore, I hereby wish to inform all staff that there is no cause for alarm.

“We are assured of job security which entails our position/ duties in the company, being entitlements to our salaries and other benefits etc.

“On behalf of the management, I urge us all to kindly go about the efficient discharge of our duties to ensure a speedy and mutually beneficial resolution. I wish us all the best, while I appeal that we continue to remember IBEDC in our prayers,” the memo concluded.

It is recalled that IBEDC is in charge of electricity distribution to energy consumers in Oyo, Osun, Ogun and Ondo as well as some parts of Ekiti and Kwara States.

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