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BREAKING: AMCON takes over IBEDC

By Uchechi Ojo January 21, 2022686 views

The Assets Management Corporation of Nigeria (AMCON) has taken over the Ibadan Electricity Distribution Company (IBEDC) Ltd over insolvency.

The Chief Operating Officer (COO) Engineer John Ayodele disclosed this in a memo to members of staff intimating them of the development, it was gathered.

Ayodele, in the January 20 memo, said the company fell under receivership by a September 8, 2021 Federal High Court judgment.

The judgment, he said, granted preservative orders in favour of AMCON.

He explained the government corporation has appointed a lawyer to serve in the receivership action.

He disclosed that the receiver arrived on Thursday January 20 to take charge formally, hinting that he already held a meeting with the management staff.

Ayodele, however, allayed fears over the development and assured staff of job security.

Uchechi Ojo

Uchechi Ojo, is a Lagos-born and based writer, newscaster and voice-over artist. A versatile and committed journalist with the yearning to make a difference in the industry. She writes balanced, informative and interesting stories. Uchechi has the ability to interact and listen with rapt attention, excellent time management and great communication skills while paying attention to detail. She is very approachable and a good team player. Instagram | LinkedIn