The Assets Management Corporation of Nigeria (AMCON) has taken over the Ibadan Electricity Distribution Company(IBEDC) Ltd over insolvency, according to report reaching Freelanews,
Engineer John Ayodele, the Chief Operating Officer (COO), informed employees of the development in a memo.
The corporation was placed under receivership on September 8, 2021, according to Ayodele’s memo dated January 20.
According to him, the judgment granted AMCON preservative orders.
He explained that a lawyer has been assigned by the government corporation to represent it in the receivership process.
He said that the receiver arrived on Thursday, January 20 to formally assume responsibility, implying that he had previously met with the management team.
Ayodele, on the other hand, allayed concerns about the project and guaranteed employees of their jobs’ stability.
The memo reads: “Further, to the judgement wherein the Federal High Court on the 8th of September 2021 granted preservative orders in favour of Asset Management Corporation
“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 of
our duties to ensure a speedy and mutually beneficial resolution.
“I wish us all the best, while I appeal that we continue to remember IBEDC in our prayers.”
IBEDC distributes electricity to consumers in Oyo, Osun, Ogun and Ondo as well as some parts of Ekiti and Kwara States.
Ojelabi, the publisher of Freelanews, is an award winning and professionally trained mass communicator and a recipient of the D9112 Superstar Icon Award, who writes ruthlessly about pop culture, religion, politics and entertainment.
