Why AMCON sold one of the largest electricity distribution companies, Ibadan Electricity Distribution Company

By allcitynews.ng

The Asset Management Corporation of Nigeria (AMCON) has officially confirmed the sale of the Ibadan Electricity Distribution Company (Ibadan DisCo), one of Nigeria’s largest power distribution firms.

The sale was in fulfilment of the promise made by Federal Government in April 2024, to privatise five power distribution companies currently under the control of banks and AMCON.

Others penciled down for privatisation are Abuja Electricity Distribution Company (AEDC), Benin Electricity Distribution Company, Kaduna Electricity Distribution Company, and Kano Electricity Distribution Company.

The Managing Director and Chief Executive Officer (CEO) of AMCON,
Gbenga Alake made the disclosure during a media parley with top editors on Thursday, 3 July 2025.

According to Alake, IBEDC was sold for N100 billion, and AMCON is preparing to hand over the utility to the preferred bidder.

“Today, I can confirm that Ibadan DisCo has been sold. When we assumed office, we met a concluded deal, but we halted it. We insisted on a new valuation because we felt the initial offer grossly undervalued the company. Eventually, we secured nearly twice the original price,” Alake told journalists.

The sale has, however, sparked legal disputes. Alake acknowledged the emergence of multiple legal claims and petitions challenging the transaction, but expressed confidence that AMCON had followed due process.

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