The Asset Management Company of Nigeria has announced that the Ibadan Electricity Distribution Company (IBEDC) has been sold.
Gbenga Alake, the managing director and Chief Executive Officer (MD/CEO) of AMCON, disclosed details of the sale during a chat with media executives on Thursday.
Speaking at the conference, Alake said the company was sold for N100 billion.
In April 2024, the federal government said it would sell five power distribution companies under the management of banks and AMCON.
The DisCo, managed by AMCON, is one of five listed firms. The rest are the Abuja Electricity Distribution Company (AEDC), Benin Electricity Distribution Company, Kaduna Electricity Distribution Company, and Kano Electricity Distribution Company.
He said AMCON will soon hand over the power firm to the preferred bidder.
“Today, I announce to you that Ibadan DisCo has been sold. When we came in, it had 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 said the sale has triggered legal battles, with “so many interests now fighting and writing”.
He said that while the matter is in court, AMCON is very positive that the right thing was done.
On May 15, report circulated that the African Initiative Against Abuse of Public Trust, a civil society organisation (CSO), had filed a lawsuit before the federal high court in Abuja against AMCON, Nigerian Electricity Regulatory Commission (NERC), Bureau of Public Enterprises (BPE), and the Ibadan DisCo over an alleged proposed sale of a 60 percent stake in IBEDC for $62 million.
The CSO, in the suit marked FHC/ABJ/CS/866/2025, described the sale as “secretive and illegal,” adding that the alleged amount is “corruptly undervalued”.
The African Initiative also claimed that the deal would lead to a loss of $107 million compared to the $169 million paid for the same stake during the 2013 privatisation of IBEDC.