The Assets Management Corporation of Nigeria (AMCON) have taken over control of the Ibadan Electricity Distribution Company (IBEDC) Ltd due to insolvency.
The memo, dated January 20, 2022, stated that the company fell under receivership by a September 8, 2021, Federal High Court judgement. He said the judgement granted preservative orders in favor of AMCON.
This was confirmed by a statement from Chief Operating Officer (COO), Engineer John Ayodele to members of staff of IBEDC.
He explained that AMCON has appointed a lawyer to serve in the receivership action.
IBEDC distributes power to Oyo, Osun, Ogun, and Ondo and some parts of Ekiti and Kwara States.