BREAKING: AMCON Takes Over Ibadan Electricity Company Over Debts
Due to its failure to pay bills, the Assets Management Corporation of Nigeria (AMCON) has taken over the Ibadan Electricity Distribution Company (IBEDC) Ltd.
Engr John Ayodele, the Chief Operating Officer (COO), announced the latest development in a memo to IBEDC employees.
According to Ayodele, the corporation was placed in receivership on September 8, 2021, as a result of a Federal High Court judgment.
According to him, the judgment granted AMCON preservative orders.
He said that a lawyer had been assigned by the government entity to represent it in the receivership process.
He stated that the receiver arrived on Thursday, January 20 to formally assume command, implying that he had previously met with the management team.
Ayodele, on the other hand, allayed concerns about the project and guaranteed employees of their jobs’ stability.
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The memo read, “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 as well as some parts of Ekiti and Kwara states.
