The Asset Management Corporation of Nigeria (AMCON) has confirmed the sale of the Ibadan Electricity Distribution Company (IBEDC) for ₦100 billion, marking a key milestone in the federal government’s efforts to restructure and reform Nigeria’s power sector.
Speaking during a media parley with senior journalists in Lagos on Thursday, AMCON Managing Director and CEO, Gbenga Alade, revealed that the transaction has been completed and that the handover to the preferred—yet undisclosed—bidder will take place soon.
“Today, I announce to you that Ibadan DisCo has been sold,” Alade stated.
He disclosed that AMCON rejected a lower earlier offer and demanded a revised bid, eventually securing almost double the initial sale price.
“We said they should go and submit a new offer… At the end of the day, we got almost double of what Ibadan DisCo was going to be sold for.”
The sale is part of a broader push by the federal government to exit ownership of distressed electricity distribution companies and restore financial health to the power sector.
Alade also criticised high-profile debtors, accusing them of sabotaging the Nigerian economy by deliberately refusing to repay loans collected from commercial banks, many of which later became AMCON obligations.
IBEDC, one of Nigeria’s largest DisCos by coverage area, has long struggled with performance and financial viability, prompting regulatory and administrative interventions in recent years.
