IBEDC Gets New Core Investor, Reconstitutes Board
Kemi Olaitan in Ibadan
The Ibadan Electricity Distribution Company (IBEDC) has announced the reconstitution of its Board of Directors following the resignation of three nominees of the Asset Management Corporation of Nigeria (AMCON).
IBEDC made the disclosure at a press conference held at the company’s corporate head office in Ibadan Tuesday by the new Chairman of the Board, Chief Tunde J. Afolabi.
The newly constituted board chaired by Afolabi include Mr. Ayodeji Ariyo Gbeleyi (with Mr. Michael I. Magaji as Alternate Director); Dr. Taiwo Afolabi; Prof. Oladapo Afolabi; Mr. Tunde Fayinka; Mr. Oluwaseyi Akinwale and Mr. Adeolu Ijose.
According to the chairman, the emergence of a new core investor and the reconstituted board marks a significant milestone in the company’s corporate journey and signals a renewed strategic direction focused on stability, continuity and sustainable growth.
He said: “This transition represents renewal, not rupture. It represents investment, not instability. It represents partnership, not division. Our goal is to strengthen governance, enhance operational performance, deepen capital investment and deliver improved service to customers across our franchise areas.”
Afolabi while addressing customers directly, assured them that there would be no avoidable service disruptions as a result of the transition, stating that all IBEDC offices will remain open, while field operations will continue uninterrupted.
“The new core investor has committed to sustained capital investments in feeder rehabilitation and expansion, transformer upgrades and replacements, injection substation improvements, and the replacement of obsolete network components,” he stated.
He added that IBEDC plans to accelerate the integration of advanced digital and operational technologies, disclosing that these include enhanced outage management systems, strengthened billing platforms, expanded smart metering deployment, and digitized customer engagement channels aimed at improving transparency and service responsiveness.
On workforce stability, the chairman emphasized that there will be no job losses as a direct result of the transition, noting that the board, under his leadership, is committed to employee welfare, improved work tools, modern safety equipment, and technology upgrades to support field efficiency, while maintaining high performance standards.
Afolabi also pledged proactive and structured engagement with regulators, including the Nigerian Electricity Regulatory Commission (NERC) and the Nigerian Electricity Management Services Agency (NEMSA), underscoring its commitment to full regulatory compliance, strengthened governance frameworks, transparency and accountability.
Furthermore, he reaffirmed the commitment of the distribution company to structured and timely payment cycles for vendors and suppliers, recognizing their critical role in maintaining network stability.
With the new board in place, he insisted that IBEDC is poised to deepen operational excellence, strengthen financial sustainability, and position itself firmly on the path to becoming Nigeria’s leading power distribution company—powering progress across its franchise with unity, confidence and innovation.
Established in November 2013 following Nigeria’s power sector privatization, IBEDC is licensed to distribute electricity across Ogun, Oyo, Osun and Kwara States, as well as parts of Ekiti, Kogi, and Niger States and operates the largest distribution network serving the highest customer population within Nigeria’s electricity distribution landscape.
