The Assets Management Corporation of Nigeria (AMCON) plans to sell the Ibadan Electricity Distribution Company (IBEDC) to investors capable of making it more efficient.
AMCON’s Managing Director, Gbenga Alade, highlighted the need for stable power supply to drive economic growth and stated that selling the IBEDC to investors with substantial financial resources is the best way to achieve this.
AMCON took over IBEDC in January 2022 due to insolvency, following a court ruling.
Alade expressed optimism that the sale of IBEDC, which covers multiple states including Ogun, would attract investors who can significantly improve the company’s operations and contribute positively to Nigeria’s power sector.
In addition to the planned sale, Alade mentioned that AMCON is also involved in reviving the Kaduna power project, which had been abandoned for several years.
This effort is part of broader initiatives to enhance Nigeria’s power infrastructure.
(PUNCH