The Assets Management Corporation of Nigeria (AMCON) has taken over the Ibadan Electricity Distribution Company(IBEDC) Ltd over insolvency.
Chief Operating Officer (COO) of the power company which distributes electricity to consumers in Oyo, Osun, Ogun, and Ondo as well as some parts of Ekiti and Kwara States, Engineer John Ayodele disclosed this in a January 20 memo addressed to staff of the company.
Ayodele noted that the company fell under receivership by September 8, 2021, Federal High Court judgment, which also granted preservative orders in favor of AMCON.
The government corporation has appointed a lawyer to serve in the receivership action and he arrived on Thursday, January 20 to take charge formally.
The staff of the company was also assured of job security despite the takeover. The memo read;
“Further, to the judgment wherein the Federal High Court on the 8th of September 2021 granted preservative orders in favor 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.”