The Asset Management Company of Nigeria AMCON has announced the sale of the Ibadan Electricity Distribution Company IBEDC for N100 billion.
AMCONs Managing Director/CEO, Gbenga Alake, disclosed this at a media parley on Thursday.
Apart from IBEDC, AMCON also manages other distribution companies, including the Abuja Electricity Distribution Company AEDC, Benin Electricity Distribution Company, Kaduna Electricity Distribution Company, and Kano Electricity Distribution Company.
Alake said, Today, I announce to you that Ibadan DisCo has been sold. When we came in, it had already been sold, but we renegotiated the price and got almost double of what it was initially going to be sold for.