Nigerian Assets Company AMCON Sells Ibadan Electricity Firm (IBEDC) for ₦100 Billion Despite Ongoing Lawsuit
The Asset Management Corporation of Nigeria (AMCON) has confirmed the sale of the Ibadan Electricity Distribution Company (IBEDC) for ₦100 billion, even as a lawsuit challenging the transaction plays out in court.
Speaking during a media briefing on Thursday, AMCON’s Managing Director and CEO, Gbenga Alake, revealed that the final sale amount was nearly twice the initial offer.
“When we arrived, the DisCo had already been sold,” Alake said. “But we intervened and demanded a new offer. Eventually, we secured almost double the original price.”
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He stated that the preferred bidder would soon take over control of the company. However, he acknowledged that the sale has triggered legal resistance.
“There are many parties now raising objections and writing petitions,” he noted. “But the sale is done—and we’re ready to face whatever happens in court.”
In April 2024, the federal government announced plans to offload five electricity distribution companies previously managed by banks and AMCON. These included IBEDC, Abuja, Benin, Kaduna, and Kano DisCos.
However, on May 15, a civil society group—African Initiative Against Abuse of Public Trust—filed a lawsuit at the Federal High Court in Abuja. The group sued AMCON, the Nigerian Electricity Regulatory Commission (NERC), the Bureau of Public Enterprises (BPE), and IBEDC itself.
In the suit (FHC/ABJ/CS/866/2025), the organisation described the sale as “secretive and illegal,” alleging that the company was undervalued. They argued that a $62 million price tag for a 60 percent stake amounted to a $107 million loss, when compared to the $169 million paid for the same stake during the 2013 privatisation exercise.
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