As promised, the Asset Management Company of Nigeria, AMCON, has sold the Ibadan Electricity Distribution Company (IBEDC) for a staggering N100 billion.
Gbenga Alake, AMCON’s managing director and chief executive officer, dropped the bombshell at a parley with media executives on Thursday.
The Federal Government had, way back in April 2024, announced that it would sell the five power distribution companies under the management of banks and AMCON.
The Ibadan DisCo, managed by AMCON, is one of five listed firms. The rest are the Abuja Electricity Distribution Company (AEDC), Benin Electricity Distribution Company, Kaduna Electricity Distribution Company, and Kano Electricity Distribution Company.
Disclosing the details of the deal at the conference, Thursday, Alake said the company was sold for N100 billion, adding that AMCON will soon hand over the power firm to the preferred bidder.
“Today, I announce to you that Ibadan DisCo has been sold,” the AMCON boss said categorically.
. “When we came in, it has already been sold. It was sold for how much?
“We got in and said no, it cannot be. We said they should go and submit a new offer that we were not going to sell for that.
“At the end of the day, we got almost double of what Ibadan DisCos was going to be sold for.
Alake said the sale has triggered legal battles, with “so many interests now fighting and writing”.
The AMCON boss disclosed that though the matter is in court, his organization was very positive that the right thing has done.
“We have sold it… and whatever is still happening in court, we will face it.” he said.
Recall that on May 15, 2025, the media was awash with the report that a civil society organisation (CSO), the African Initiative Against Abuse of Public Trust, had filed a lawsuit before the Federal High Court in Abuja against AMCON, Nigerian Electricity Regulatory Commission (NERC), Bureau of Public Enterprises (BPE), and the Ibadan DisCo over an alleged proposed sale of a 60 percent stake in IBEDC for $62 million.
The CSO, in the suit marked FHC/ABJ/CS/866/2025, described the sale as “secretive and illegal,” adding that the alleged amount was “corruptly undervalued”.
The African Initiative also claimed that the deal would lead to a loss of $107 million compared to the $169 million paid for the same stake during the 2013 privatisation of IBEDC.
