AMCON formally takes over Ibadan Disco, Kunle Ogunba appointed as Receiver/Manager nominee
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The Assets Management Corporation of Nigeria (AMCON) has taken over the Ibadan Electricity Distribution Company (IBEDC) Ltd over insolvency and the appointed Mr Kunle Ogunba SAN, to act as the Receiver/Manager Nominee in the receivership action.
The action follows the judgement by a Federal High Court on September 8, 2021, which granted orders in favour of AMCON as Receiver/Manager of Integrated Energy Distribution and Marketing (IEDM) Limited, IBEDC’s core investor, over default in Loan Service Agreement.
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This disclosure is contained in a corporate communication to all staff of IBEDC issued and signed by its Chief Operating Officer, Engr. John Ayodele, on January 20, 2022.
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