The Ibadan Electricity Distribution Company, one of the power distribution firms in Nigeria, has been sold, according to the CEO of the Asset Management Corporation of Nigeria (AMCON).
Gbenga Alake disclosed this during a press engagement on Thursday, stating that the company was sold for N100 billion.
Alake said AMCON would soon hand over the power firm to the preferred bidder. “Today, I announce to you that Ibadan DisCo has been sold,” the AMCON boss said.
“When we took over, it had already been sold, but we intervened and requested a new offer. We weren’t satisfied with the initial sale price.”
Alake added that the sale triggered legal battles, with various interests disputing the outcome. Despite the ongoing court proceedings, AMCON remains confident that the sale was conducted fairly. “We have sold it, and we will address any issues that arise in court,” he said.
The sale has drawn attention in the past.
On May 15, a report emerged that a civil society organization, the African Initiative Against Abuse of Public Trust, had filed a lawsuit against AMCON, the Nigerian Electricity Regulatory Commission (NERC), the Bureau of Public Enterprises (BPE), and Ibadan DisCo.
The lawsuit alleged that the proposed sale of a 60% stake in IBEDC for $62 million was “secretive and illegal” and claimed that the amount was “corruptly undervalued.”
Source: https://energynewsafrica.com
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