The Assets Management Corporation of Nigeria (AMCON), has announced its decision to take over control of Ibadan Electricity Distribution Company (IBEDC) Limited.
The development was disclosed in a memo issued by IBEDC’s Chief Operating Officer, John Ayodele, and dated January 20, 2022.
In the memo, AMCON triggered a takeover following a court ruling obtained on September 8, 2021.
Integrated Energy Distribution and Marketing Ltd (IEDM), a major stakeholder of the IBEDC was said have failed to keep to the fulfilment of the loans collected during the assets acquisition of the Distribution Company.
AMCON said it executed the take over of IEDM which is owned by Nigerian businessman, Tunde Ayeni, following a default in a Loan Servicing Agreement executed with Polaris Bank.
AMCON, which serves as the Federal Government loan recovery agency said the loan was part of the monies granted by IBEDC from Nigeria Electricity Market Stabilisation Funds (NEMSF) to the core investors in the disco company.
The memo read, “Further, to the judgment 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 Ogunba 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 ( Thursday) 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.”
