The Assets Management Corporation of Nigeria (AMCON) has taken over the Ibadan Electricity Distribution Company (IBEDC) Limited following a default in a loan servicing agreement executed with Skye Bank, now Polaris Bank.

 The loan was obtained during the tenure of Tunde Ayeni as the Chairman/CEO.

Ayeni is also Chairman of the Integrated Energy Distribution and Marketing Limited, core investor in the IBEDC.

The Chief Operating Officer (COO) Engineer John Ayodele disclosed this in a memo to members of staff dated January 20, 2022.

 The COO, in the memo explained that the company was insolvent hence the takeover.

The memo reads: “Further, to the judgement wherein the Federal High Court on the 8th of September 2021 granted preservative orders in favour of Asset Management Corporation-AMCON, (being the Receiver/Manager of Integrated Energy Distribution and Marketing Limited); the court has appointed Mr Kunle Oqunba Esq.SAN to act as Receiver/ Manager Nominee in the receivership action.

“Based on the foregoing the Receiver/Manager came in today 20th January 2022 to the IBEDC Headquarters to take charge formally and subsequently met with the Management team. Therefore, I hereby wish to inform all staff that there is no cause for alarm.

“We are assured of job security which entails our position/ duties in the company, being entitlements to our salaries and other benefits etc.

“On behalf of the Management I urge us all to kindly go about the efficient discharge of our duties to ensure a speedy and mutually beneficial resolution.

“I wish us all the best, while | appeal that we continue to remember IBEDC in our prayers”.

IBEDC distributes electricity to consumers in Oyo, Osun, Ogun, and Ondo as well as some parts of Ekiti and Kwara States.