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AMCON takes over Ibadan Electricity Distribution Company

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The Assets Management Corporation of Nigeria (AMCON) has taken over the Ibadan Electricity Distribution Company(IBEDC) Ltd due to unpaid debts.

Members of Staff were on Friday informed through an internal memo by the Chief Operating Officer of IBEDC
Engineer John Ayodele.

Change of Name

Ayodele, in the January 20 memo, said the company fell under receivership by a September 8, 2021 Federal High Court judgment.

The judgement granted preservative orders for AMCON to take over.

Engineer Ayodele stressed that a lawyer has been appointed by government to handle receivership as as the receiver arrived on Thursday to take over formally, hinting that he already held a meeting with the management staff.

Ayodele, however, allayed fears over the development and assured staff of job security.

The memo 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 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.

He urges staff to about their normal duties.

“I wish us all the best, while | appeal that we continue to remember IBEDC in our prayers.”

IBEDC distributes electricity to consumers in Oyo, Osun, Ogun and Ondo as well as some parts of Ekiti and Kwara States.

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