The Assets Management Corporation of Nigeria, AMCON, has taken over the Ibadan Electricity Distribution Company, IBEDC Ltd.
The development comes a day after Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), apprehended AMCON Managing Director, Ahmed Kuru, according to IBED Television Nigeria.

Kuru was reportedly summoned to the anti-graft agency’s Abuja headquarters on Thursday to answer questions about alleged asset diversion and the sale of seized assets to cronies at below-market prices.

While the MD is still being interrogated by the EFCC, reports reaching Television Nigeria confirm that AMCON has taken over IBEDC.

Engineer John Ayodele, AMCON’s Chief Operating Officer (COO), announced the development in a memo released today.

The company was placed in receivership by a Federal High Court judgment on September 8, 2021, according to a memo sent to employees on January 20.

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According to Ayodele, the judgment granted preservative orders in favor of AMCON. The government corporation has appointed a lawyer to serve in the receivership action, according to the COO’s memo obtained by The Nation. He went on to say that the receiver had arrived on Thursday to formally take charge, and that he had already met with the management team.

“Further, to the judgment 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; the court has appointed Mr Kunle Oqunba Esq.SAN to act as Receiver/Manager Nominee

“In light of the foregoing, the Receiver/Manager arrived at IBEDC Headquarters today, January 20, 2022, to formally take charge and meet with the Management team.” As a result, I’d like to reassure everyone on staff that there’s nothing to be concerned about.

“We have job security, which includes our position/responsibilities in the company, as well as entitlements to our salaries and other benefits.”

“On behalf of the Management, I respectfully request that we all proceed with the efficient discharge of our duties.”

It is our responsibility to ensure a quick and mutually beneficial resolution.

“I wish us all the best and ask that we keep IBEDC in our thoughts and prayers.”

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

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