Nigeria: AMCON Formally Takes Over IBEDC

The Asset Management Corporation of Nigeria (AMCON) has officially taken over the Ibadan Electricity Distribution Company (IBEDC).

The corporation has therefore appointed Mr Kunle Ogunba San, to act as the Receiver/Manager Nominee in the receivership action.

The action follows the judgment by a Federal High Court on September 8, 2021, which granted orders in favour of AMCON as Receiver/Manager of Integrated Energy Distribution and Marketing (IEDM) Limited, IBEDC’s core investor, over default in Loan Service Agreement.

The takeover was announced in a notice by Chief Operating Officer of IBEDC, Engr. John Ayodele, to staff of the firm  on January 20, 2022.

Ayodele in his statement said that the Receiver/Manager was at the headquarters of IBEDC on January 20, 2022, to formally take charge of the power firm.

The statement reads, ”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 Ogunba 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.’’

Source: https://energynewsafrica.com