The Assets Management Corporation of Nigeria (AMCON) has taken over the Ibadan Electricity Distribution Company (IBEDC) Ltd over insolvency.
This was disclosed in a January 20 memo by Chief Operating Officer (COO) Engineer John Ayodele to members of staff, informing them of the development.
In the memo, Ayodele said the company fell under receivership by a September 8, 2021 Federal High Court judgment. He said the judgment granted preservative orders in favour of AMCON.
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.
“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.”
Ayodele also disclosed that the receiver arrived on Thursday, January 20 to officially take charge, hinting that he already held a meeting with the management staff.
IBEDC distributes electricity to consumers in Oyo, Osun, Ogun and Ondo as well as some parts of Ekiti and Kwara States.