AMCON Announces Sale of Ibadan Electricity Distribution Company, Names Price

• The Asset Management Company of Nigeria (AMCON) has announced the sale of the Ibadan Electricity Distribution Company (IBEDC) for N100 billion.
• Gbenga Alake, AMCON's MD and CEO, revealed that the company had initially been undervalued but was eventually sold for nearly double the original offer.
• A civil society organization has filed a lawsuit, claiming the sale was illicit and undervalued, with ongoing legal disputes related to the transaction.

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

The Asset Management Company of Nigeria (AMCON) has announced that the Ibadan Electricity Distribution Company (IBEDC) has been sold.

Gbenga Alake, the managing director (MD) and chief executive officer (CEO) of AMCON, disclosed details of the sale during a media parley with media executives on Thursday, June 3rd, according to The Cable report.

In April 2024, the federal government announced that it would sell five power distribution companies under the management of banks and AMCON. The five companies include IBEDC, which is run by AMCON, as well as the Benin Electricity Distribution Company, the Kano Electricity Distribution Company, the Kaduna Electricity Distribution Company, and the Abuja Electricity Distribution Company (AEDC).

According to Alake, who spoke at the conference, the company was sold for N100 billion. He stated that the winning bidder would soon take over the electricity company from AMCON.

“Today, I announce to you that Ibadan DisCo has been sold,” Alake said. “When we came in, it had already been sold. It was sold for how much?” he asked. “We got in and said, ‘No, it cannot be. We said they should go and submit a new offer because we were not going to sell for that price.’ At the end of the day, we got almost double of what Ibadan DisCo was initially going to be sold for.”

According to Alake, numerous parties are currently engaged in legal disputes as a result of the sale. He stated that AMCON is confident that the correct action was taken, even if the case is still pending in court.

“We have sold it, and whatever is still happening in court, we will face it,” he added.

According to a report dated May 15, a civil society organization (CSO) called the African Initiative Against Abuse of Public Trust has sued AMCON, the Nigerian Electricity Regulatory Commission (NERC), the Bureau of Public Enterprises (BPE), and IBEDC in the Federal High Court in Abuja over a purported $62 million proposed sale of a 60% stake in IBEDC.

In the lawsuit filed under case number FHC/ABJ/CS/866/2025, the CSO characterized the sale as “illicit and secretive,” adding that the purported sum was “corruptly undervalued.”

Additionally, the African Initiative stated that the purchase would result in a $107 million loss, as opposed to the $169 million paid for the same portion under IBEDC's 2013 privatisation.

Electricity company announces deadline for free prepaid meters

Legit.ng reported that Ikeja Electric Plc has announced the final phase of its free prepaid meter distribution under the Meter Asset Financing (MAF) scheme, targeting only customers on Band A feeders.

The company urged eligible residents to take immediate action before the initiative officially closes on June 20, 2025.

In a public notice, Ikeja Electric reminds customers that the metering is completely free, with a fast and easy application process.

Source: Legit.ng