• About
  • Advertise
  • Contact
Friday, October 3, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home News

Amid Legal Battles Over Ownership, AMCON Sells IBEDC For N100billion

Vital News by Vital News
July 3, 2025
in News, Power
0
Amid Legal Battles Over Ownership, AMCON Sells IBEDC For N100billion
Share on FacebookShare on Twitter

The Asset Management Company of Nigeria (AMCON) has confirmed the sale of the Ibadan Electricity Distribution Company (IBEDC) for N100 billion.

Gbenga Alake, Managing Director and chief executive officer of AMCON, disclosed this during a parley with media executives on Thursday.

He said the sale fetched nearly double the amount initially offered.

“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?”

RelatedStories

Kogi Vows Strict Enforcement Of Ban On Illegal Trailer Parks From October 29

Realnews Announces Theme, Date For It’s 13th Anniversary Lecture

Yakubu Gowon University Honours Deputy Commissioner Of Police, Hakeem Adedeji, For Hard Work, Dedication

Engineer Urges Nigeria To Invest In Aerospace Technology To Tackle Insecurity, Modernise Aviation

“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.”

He explained that the company would soon be handed over to the preferred bidder, but noted that the sale has sparked legal battles.

“There are so many interests now fighting and writing,” Alake said.

“We have sold it… and whatever is still happening in court, we will face it.”

In April 2024, the Nigerian government had announced plans to sell five power distribution companies under the management of banks and AMCON.

These included IBEDC, Abuja Electricity Distribution Company (AEDC), Benin Electricity Distribution Company, Kaduna Electricity Distribution Company, and Kano Electricity Distribution Company.

However, on May 15, reports emerged that the African Initiative Against Abuse of Public Trust, a civil society organisation, filed a lawsuit before the Federal High Court in Abuja against AMCON, the Nigerian Electricity Regulatory Commission (NERC), Bureau of Public Enterprises (BPE), and Ibadan DisCo.

In the suit marked FHC/ABJ/CS/866/2025, the group described the sale as “secretive and illegal,” claiming the stake was “corruptly undervalued”.

It argued that the proposed $62 million price tag for a 60 percent stake would lead to a loss of $107 million compared to the $169 million paid for the same stake during the 2013 privatisation of IBEDC.
Source – Sahara Reporters
(vitalnewsngr.com)

Tags: AMCONIBEDClegalownership
Previous Post

Legendary Super Eagles Goalkeeper, Peter Rufai Dies At 61

Next Post

7 House Of Reps Members Defect To APC From PDP, YPP

Vital News

Vital News

RelatedStories

Kogi Vows Strict Enforcement Of Ban On Illegal Trailer Parks From  October 29
News

Kogi Vows Strict Enforcement Of Ban On Illegal Trailer Parks From October 29

October 2, 2025
National

Realnews Announces Theme, Date For It’s 13th Anniversary Lecture

October 2, 2025
Yakubu Gowon University Honours Deputy Commissioner Of Police, Hakeem Adedeji,  For Hard Work, Dedication
Education

Yakubu Gowon University Honours Deputy Commissioner Of Police, Hakeem Adedeji, For Hard Work, Dedication

October 2, 2025
FG Cancels Independence Anniversary Parade
Aviation

Engineer Urges Nigeria To Invest In Aerospace Technology To Tackle Insecurity, Modernise Aviation

October 2, 2025
Police Begin Manhunt For Killers Of Three Officers, Two Vigilante In Kogi
News

Bandits Kidnap Police Officer In Kwara

October 2, 2025
Next Post
House Of Reps Backs Tinubu, Approves Declaration Of State Of Emergency In Rivers State

7 House Of Reps Members Defect To APC From PDP, YPP

Kogi Enterprises Devt. Agency Moves To Boost Growth Of MSMEs, Signs MoU With CAREC

Kogi Enterprises Devt. Agency Moves To Boost Growth Of MSMEs, Signs MoU With CAREC

Kogi Distributes Fertilisers Worth ₦3.2billion To 30,000 Farmers

Kogi Distributes Fertilisers Worth ₦3.2billion To 30,000 Farmers

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

Dangote Cement Trains, Empower 40 Kogi Women In Fashion Design

Dangote Cement Trains, Empower 40 Kogi Women In Fashion Design

3 years ago
NDLEA Uncovers 500grams Of Cocaine Concealed Inside Religious Books Going To Saudi Arabia

NDLEA Uncovers 500grams Of Cocaine Concealed Inside Religious Books Going To Saudi Arabia

6 months ago

Over 500 People Executed By Iran In 2022 – Rights Group

3 years ago
FG, WEMA Bank To Train Two Million Youths On Digital Skills

FG, WEMA Bank To Train Two Million Youths On Digital Skills

2 years ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • Maritime/ Marine Transport
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Tourism
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN cement Court Dangote death dies drugs Economy EFCC Election elections FG gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security students Tinubu
No Result
View All Result

Highlights

Engineer Urges Nigeria To Invest In Aerospace Technology To Tackle Insecurity, Modernise Aviation

Bandits Kidnap Police Officer In Kwara

Death Toll In Ibaji Boat Mishap Rises To 36

Arrest of 147 Terrorists In One Week, Confirms Tinubu Is Boosting Troops’ Morale – Group ‎

Fubara Sacks Commissioners, SSG, SAs, SSAs

2027 : Group Holds Awareness Walk In Kogi, Reaffirms Commitment To Vision, Leadership Of President Tinubu

Trending

Kogi Vows Strict Enforcement Of Ban On Illegal Trailer Parks From  October 29
News

Kogi Vows Strict Enforcement Of Ban On Illegal Trailer Parks From October 29

by Vital News
October 2, 2025
0

The Kogi State Government says it will commence strict enforcement of ban on Zariagi, Osara and other...

Realnews Announces Theme, Date For It’s 13th Anniversary Lecture

October 2, 2025
Yakubu Gowon University Honours Deputy Commissioner Of Police, Hakeem Adedeji,  For Hard Work, Dedication

Yakubu Gowon University Honours Deputy Commissioner Of Police, Hakeem Adedeji, For Hard Work, Dedication

October 2, 2025
FG Cancels Independence Anniversary Parade

Engineer Urges Nigeria To Invest In Aerospace Technology To Tackle Insecurity, Modernise Aviation

October 2, 2025
Police Begin Manhunt For Killers Of Three Officers, Two Vigilante In Kogi

Bandits Kidnap Police Officer In Kwara

October 2, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • Kogi Vows Strict Enforcement Of Ban On Illegal Trailer Parks From October 29 October 2, 2025
  • Realnews Announces Theme, Date For It’s 13th Anniversary Lecture October 2, 2025
  • Yakubu Gowon University Honours Deputy Commissioner Of Police, Hakeem Adedeji, For Hard Work, Dedication October 2, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • Maritime/ Marine Transport
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Tourism
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In