Mohammed Shosanya
The Assets Management Corporation of Nigeria,is set to sell Ibadan Electricity Distribution to new investors,saying the development is the only measure to make the power firm more efficient.
Its Managing Director/Chief Executive Officer, Gbenga Alade,who disclosed this in Lagos recently,said that the corporation has tried to resolve the issues affecting the IBEDC, but the process has yet to be concluded.
The company which is being managed by AMCON since 2022,would be sold to investors with ”deep pockets”,he said.
He added:“In the power sector, we have Ibadan DisCo, which is under AMCON. We’ve tried as much as possible to get that resolved. And we’re in the process. We are yet to conclude the sale, but we are making very good headway in resolving Ibadan DisCo,” he said.
“IBEDC would be profitable if sold, saying it covers different states, including Ogun industrial areas.
”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”.
