AMCON Formally Takes Over Ibadan Electricity Distribution Company ~ Abamiedaablog.

The Chief Operating Officer, COO of the Ibadan Electricity Distribution Company(IBEDC), Engr. John Ayodele, has allayed fears that might be created by the sudden take over of the power company by the Assets Management Corporation of Nigeria (AMCON), over alleged insolvency.

Ayodele, in a memo to members of staff intimating them of the development, yesterday, noted the company fell under receivership by a September 8, 2021 Federal High Court judgment. 

The judgment, he said, has granted preservative orders in favour of AMCON.

He explained the government corporation has appointed a lawyer to serve in the receivership action. 

The COO, further disclosed that the receiver arrived on Thursday January 20, to take charge formally, hinting that he already held a meeting with the management staff.

Ayodele, 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.”

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

Meanwhile, all efforts by Vanguard to speak with the head of the Corporate Communication of the company proved abortive, as no one was willing to comment on the development.

A staff member of the information unit who spoke with Vanguard on the condition of anonymity said: “I don’t have the go ahead for any official statement for now. I can’t say anything on it.”