Reports reaching Oyoaffairs have revealed that the Assets Management Corporation of Nigeria (AMCON) has taken over the ownership of Ibadan Electricity Distribution Company (IBEDC) Ltd, due to insolvency.

The Chief Operating Officer (COO), Engr. John Ayodele revealed this to members of staff in a memo dated January 20, 2022; intimating them of the development.

According to him, the company fell under receivership by a September 8, 2021 Federal High Court judgment, which granted preservative orders in favour of AMCON.

He further explained that the government corporation has appointed a lawyer to serve in the receivership action, adding that the receiver arrived on Thursday, January 20 to take charge formally, as he already held a meeting with the management staff.

Ayodele has however, allayed fears over the development and assured staff of job security.

The memo reads: “Further, to the judgement 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.

“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 I appeal that we continue to remember IBEDC in our prayers.”

Meanwhile, IBEDC distributes electricity to consumers in Oyo, Osun, Ogun and Ondo as well as some parts of Ekiti and Kwara States.

Reports reaching Oyoaffairs have revealed that the Assets Management Corporation of Nigeria (AMCON) has taken over the ownership of Ibadan Electricity Distribution Company (IBEDC) Ltd, due to insolvency.

The Chief Operating Officer (COO), Engr. John Ayodele revealed this to members of staff in a memo dated January 20, 2022; intimating them of the development.

According to him, the company fell under receivership by a September 8, 2021 Federal High Court judgment, which granted preservative orders in favour of AMCON.

He further explained that the government corporation has appointed a lawyer to serve in the receivership action, adding that the receiver arrived on Thursday, January 20 to take charge formally, as he already held a meeting with the management staff.

Ayodele has however, allayed fears over the development and assured staff of job security.

The memo reads: “Further, to the judgement 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.

“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 I appeal that we continue to remember IBEDC in our prayers.”

Meanwhile, IBEDC distributes electricity to consumers in Oyo, Osun, Ogun and Ondo as well as some parts of Ekiti and Kwara States.