AMCON Takes Over IBEDC Operations Over Insolvency

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IBEDC


By; BAYO AKAMO, Ibadan
The Chief Operating Officer

(COO) of Ibadan Electricity Distribution Company, ( IBEDC), Engineer John Ayodele has hinted of the taking over of IBEDC operations by the Assets Management Corporation of Nigeria (AMCON).
Engineer Ayodele who  stated this in a memo to IBEDC staff on the development hinted that the taken over of operations of IBEDC Ltd was in connection with insolvency.
In the memo dated January 20, the IBEDC COO  stated that the company fell under receivership by a Federal High Court judgement delivered on September 8, 2021 which  “granted preservative orders in favour of AMCON.”
He stressed further ” consequently, the government corporation has appointed a lawyer to serve in the receivership action” and that the receiver arrived on Thursday, January 20, to take charge formally, stating that he already held a meeting with management staff.
Allaying fears of IBEDC staff over the taken over of the operations , Engineer Ayodele assured them of their  job security.
“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 Ogunba Esq. (SAN) to act as Receiver/ Manager Nominee in the receivership action.” he said
The COO added, “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 ofour 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” 
It will be recalled that Ibadan Electricity Distribution Company ( IBEDC) distributes electricity to consumers in Oyo, Osun, Ogun and Ondo States as well as some parts of Ekiti and Kwara States.ENDS

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