With Calls To Revoke Sell Of PHCN, AMCON Takes Over IBEDC

Following calls by some Nigerians for the federal government to revoke the sell of Power Holding Company of Nigeria (PHCN) the Assets Management Corporation of Nigeria (AMCON) has taken-over the Ibadan Electricity Distribution Company(IBEDC).

PHCN was sold to different electricity distribution companies but they have failed to improve power supply in the country.

The calls prompted the federal government led by President Muhammadu Buhari to setup a committee headed by Kaduna State Governor, Malam Nasir el-Rufai.

The el-Rufai-led committee was given the mandate to review the sell of the PHCN and make recommendation to the federal government on the possibilities of revoking the sell.

Years have gone since the committee was inaugurated, nothing have been heard about it.

But the take-over of the Disco by the AMCON was announced to the workers by the electricity distribution company Chief Operating Officer, John Ayodele, in a memo dated January 20, 2022.

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

The development was said to have triggered panic among the workers but the chief operating officer assures them that their jobs were secured.

A staff of the company that wants to remain anonymous also confirmed the development to Solacebase on Friday.


The memo read, “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 Ogunba Esq. SAN to act as Receiver/ Manager Nominee in the receivership action.

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“Based on the foregoing the Receiver/Manager came in today 20th January 2022 ( Thursday) 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 I appeal that we continue to remember IBEDC in our prayers.”

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