The Asset Management Corporation of Nigeria (AMCON) has announced the sale of the Ibadan Electricity Distribution Company (IBEDC) for N100 billion.
Gbenga Alake, Managing Director and Chief Executive Officer of AMCON, revealed the development during a media parley with journalists on Thursday.
In April 2024, the federal government had disclosed plans to sell five power distribution companies under the control of banks and AMCON. IBEDC is one of the five, alongside Abuja Electricity Distribution Company (AEDC), Benin Electricity Distribution Company, Kaduna Electricity Distribution Company, and Kano Electricity Distribution Company.
Speaking at the event, Alake confirmed the sale price and noted that AMCON would soon hand over the company to the preferred bidder.
“Today, I announce to you that Ibadan DisCo has been sold. When we came in, it has already been sold. It was sold for how much?” the AMCON boss said.
“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 acknowledged that the sale has triggered legal disputes, with multiple parties now “fighting and writing.”
Despite the court proceedings, he expressed confidence in AMCON’s handling of the process:
“We have sold it… and whatever is still happening in court, we will face it.”
On May 15, reports emerged that the African Initiative Against Abuse of Public Trust, a civil society organisation (CSO), had filed a lawsuit at the Federal High Court in Abuja against AMCON, the Nigerian Electricity Regulatory Commission (NERC), the Bureau of Public Enterprises (BPE), and IBEDC.
The suit, marked FHC/ABJ/CS/866/2025, challenged the proposed sale of a 60 percent stake in IBEDC for $62 million, describing the deal as “secretive and illegal.”
The CSO alleged that the stake was “corruptly undervalued,” claiming the sale would result in a $107 million loss when compared to the $169 million paid for the same stake during the 2013 privatisation exercise.