The Asset Management Company of Nigeria (AMCON) on Thursday disclosed that it had sold Ibadan Electricity Distribution Company (IBEDC) for N100 billion to a preferred bidder after a competitive offer process.
The company’s Managing Director/Chief Executive Officer, Mr. Gbenga Alake, who made the disclosure during a media briefing said AMCON would soon hand over the power firm to the successful bidder for improved operations
He said: “Today, I announce to you that Ibadan DisCo has been sold. When we came in, it has already been sold. It was sold for how much?”
“We got in and said no, it cannot be. We said they should go and submit a new offer that we were not going to sell for that. At the end of the day, we got almost double of what Ibadan DisCos was going to be sold for.”
The AMCON boss maintained that the company’s management did the best thing, despite the lingering litigation on the sale of the electricity distribution company (DisCo).
