The announcement was made by AMCON’s Managing Director and Chief Executive Officer, *Gbenga Alake*, during a media parley held in Lagos on Thursday, where he briefed media executives on the ongoing reforms and divestment strategies by the corporation.
Alake stated that the sale followed *due diligence* and a *transparent bidding process*, in line with the government’s efforts to reposition critical assets in the energy sector for improved efficiency and service delivery.
*“This transaction aligns with AMCON’s mandate to resolve non-performing loans and recover debts through strategic asset disposals. The new investors in IBEDC have a strong technical background and financial capacity to turn around the utility company,”* Alake noted.
IBEDC, one of Nigeria's 11 electricity distribution companies, serves a significant part of the South-Western region including *Oyo, Osun, Ogun, Kwara, and parts of Niger and Ekiti States*. The company had previously been under AMCON’s control following a debt default by its original core investors.
The privatization is expected to inject new capital and technology into IBEDC’s operations, potentially improving electricity supply and customer service in its coverage areas.
The buyers, whose identities are expected to be disclosed after final regulatory approvals, are said to have presented a robust post-acquisition plan that includes infrastructure upgrades, smart metering expansion, and workforce development.
This move comes amid ongoing reforms in Nigeria’s power sector aimed at attracting private investment and enhancing operational sustainability.
#AMCON #IBEDCSale #NigerianPowerSector #ElectricityNigeria #DisCoPrivatization #IbadanElectricity #N100BnDeal #GbengaAlake #EnergyNewsNG #PowerReform2025
0 Comments