AMCON Takes over Ibadan Disco over Insolvency

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Peter Uzoho

The Assets Management Corporation of Nigeria (AMCON) has taken over the Ibadan Electricity Distribution Company (IBEDC) Limited over insolvency.

The Chief Operating Officer (COO) of Ibadan Disco, Mr. John Ayodele, disclosed this in a memo to the company’s staff informing them of the development.

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

He added that the judgment granted preservative orders in favour of AMCON, explaining that the government corporation had appointed a lawyer to serve in the receivership action.

The COO further disclosed that the receiver arrived Thursday, January 20, 2022, to take charge formally, hinting that he already held a meeting with the management staff.

Ayodele, however, allayed fears of job losses resulting from the takeover, assuring the staff of IBEDC 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.

“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 | appeal that we continue to remember IBEDC in our prayers.”
IBEDC distributes electricity to consumers in Oyo, Osun, Ogun and Ondo states as well as some parts of Ekiti and Kwara states.