Ibadan Disco, IBDC Up For Sale- AMCON

The Assets Management Corporation of Nigeria, AMCON, says it has decided to put up for sale, the Ibadan Electricity Distribution Company, IBDC.

The chief executive of AMCON, Gbenga Alade made this known recently to journalists in Lagos.

According to him, the decision to sell the power distribution firm to investors arose more than two years after the company was taken over by AMCON due to insolvency problems.

Recall that IBDC is one of the power distribution companies taken over by the Corporation over failure to resolve its debt issues with lending banks.

Others are the Abuja Electricity Distribution Company, AEDC which is currently under the management of the United Bank of Africa, UBA and Benin, Kaduna, and Kano DisCos under the management of Fidelity Bank Plc.

Speaking Alade said the corporation is prepared to sell the IBDC to investors with enough financial capacity to manage the company and make it profitable.

He explained that investors have a lot to gain by buying IBDC which he said its area of coverage includes the Ogun state industrial hub. 374

He said, ”I believe that Ibadan Disco is the largest disco that we have because it goes across so many states like Ogun, including all the industrial areas of Ogun State. We believe that it can be made more efficient if sold to people with deep pockets who can invest, not people who just buy and not invest; they don’t have money to invest.

“With people who have deep pockets to invest in making that company more efficient and more effective, it will go a long way to helping the power sector.”