AMCON seeks sale of IBEDC to boost efficiency

The Assets Management Corporation of Nigeria (AMCON) has announced plans to sell the Ibadan Electricity Distribution Company (IBEDC) to viable investors, citing the need for efficient management.

AMCON Managing Director, Gbenga Alade, stated this during an interactive session with media executives in Lagos, emphasizing the importance of a stable power supply for economic growth.

Alade revealed that AMCON took over IBEDC in January 2022 due to insolvency and has been working to resolve outstanding issues. The sale aims to attract investors with “deep pockets” to invest in the Disco’s efficiency.

“Ibadan Disco is the largest, covering multiple states, including Ogun’s industrial areas. With the right investment, it can become profitable and significantly impact the power sector,” Alade noted.

This move aligns with the Minister of Power’s directive to sell Discos taken over by banks and AMCON. Currently, four Discos are under new management due to loan repayment issues.

Additionally, AMCON has completed a power project in Kaduna State, signing an MoU with project stakeholders, and work has commenced.

This development aims to revitalize the power sector, ensuring a stable and efficient supply to drive economic growth.