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AMCON Sells Ibadan DISCO For ₦100 Billion

Published by admin on July 3rd, 2025.

AMCON Sells Ibadan DISCO For ₦100 Billion

The Asset Management Corporation of Nigeria (AMCON) has officially announced the sale of the Ibadan Electricity Distribution Company (IBEDC).

Gbenga Alake, AMCON’s Managing Director and CEO, shared the news during a press briefing with journalists on Thursday.

Earlier in April 2024, the federal government revealed plans to divest five power distribution companies currently managed by banks and AMCON.

Ibadan DisCo, under AMCON’s administration, is among the five companies listed for sale. The others include Abuja Electricity Distribution Company (AEDC), Benin Electricity Distribution Company, Kaduna Electricity Distribution Company, and Kano Electricity Distribution Company.

At the briefing, Alake confirmed that IBEDC was sold for ₦100 billion. He also mentioned that the power company will soon be handed over to the successful bidder.

Alake remarked, “When we took over, the company had already been sold, but we insisted that the initial offer was too low. We requested new bids and eventually secured nearly twice the original amount proposed for Ibadan DisCo.”

He added that the transaction has sparked legal disputes, with multiple parties contesting the sale.

“Though the case is currently in court, AMCON is confident that the process was properly conducted,” Alake stated. “The sale is complete, and we will address any legal challenges as they arise.”

On May 15, reports emerged that the civil society group African Initiative Against Abuse of Public Trust filed a lawsuit at the Federal High Court in Abuja. The suit challenges AMCON, the Nigerian Electricity Regulatory Commission (NERC), the Bureau of Public Enterprises (BPE), and IBEDC over the alleged sale of a 60 percent stake in IBEDC for $62 million.

The group describes the sale as “secretive and unlawful,” claiming the price undervalues the company and amounts to corruption.

According to the suit (FHC/ABJ/CS/866/2025), the deal represents a loss of $107 million compared to the $169 million paid for the same stake during IBEDC’s 2013 privatization.