• About
  • Advertise
  • Contact
Thursday, July 24, 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 Police Launch Manhunt For Killer Of Ayo Ayepeku, Lokoja Photojournalist

No Place For Any Form Of Bullying In Lagos State – Commissioner

Kogi Records Lowest Out-of-School Rate In Northern Nigeria — Ododo’s Spokesperson

NDLEA, Police Service Commission Agree On Need To Conduct Drug Integrity Test For New Recruits

“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 Police Launch Manhunt For Killer Of Ayo Ayepeku, Lokoja Photojournalist
Crime

Kogi Police Launch Manhunt For Killer Of Ayo Ayepeku, Lokoja Photojournalist

July 23, 2025
No Place For Any Form Of Bullying In Lagos State –  Commissioner
Culture

No Place For Any Form Of Bullying In Lagos State – Commissioner

July 23, 2025
Kogi Records Lowest Out-of-School Rate In Northern Nigeria — Ododo’s Spokesperson
Education

Kogi Records Lowest Out-of-School Rate In Northern Nigeria — Ododo’s Spokesperson

July 23, 2025
NDLEA, Police Service Commission Agree On Need To Conduct Drug Integrity Test For New Recruits
National

NDLEA, Police Service Commission Agree On Need To Conduct Drug Integrity Test For New Recruits

July 22, 2025
Senate Confirms FG’s Readiness To Pay N-POWER Beneficiaries N81billion Backlog Allowances
National

Senate Confirms FG’s Readiness To Pay N-POWER Beneficiaries N81billion Backlog Allowances

July 22, 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

2023 Election Is A Fight For Nigeria’s Soul, Tinubu Says As APC Flags Off Campaign In Jos

3 years ago
Lagos Charges Young Entrepreneurs On Commitment

Lagos Suspends Airlifting Of Christian Pilgrims To Jerusalem Over Israel/Palestinian Crisis

2 years ago

Benue NMA Demands Better Remunerations , Improved Welfare Package For Members

3 years ago
Gunmen Kill 4 In Anambra

Gunmen Descend On Checkpoint In Ebonyi, Kill 3 Policemen

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
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN 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 Senate students Tinubu
No Result
View All Result

Highlights

The President Landed At Gateway Airport, And Floodgates Of Goodwill Were Opened By Kayode Akinmade

12 Suspected Kidnappers, One Informant Arrested In Kogi, Kwara

Kogi Records Lowest Out-of-School Rate In Northern Nigeria — Ododo’s Spokesperson

NDLEA, Police Service Commission Agree On Need To Conduct Drug Integrity Test For New Recruits

Senate Confirms FG’s Readiness To Pay N-POWER Beneficiaries N81billion Backlog Allowances

Africa Losing $90bln Annually To Importation Of Substandard Fuel, Dangote Laments

Trending

Kogi Police Launch Manhunt For Killer Of Ayo Ayepeku, Lokoja Photojournalist
Crime

Kogi Police Launch Manhunt For Killer Of Ayo Ayepeku, Lokoja Photojournalist

by Vital News
July 23, 2025
0

Police in Lokoja have launched a manhunt for one Oluwapelumi Adebayo for alleged gruesome killing of a...

No Place For Any Form Of Bullying In Lagos State –  Commissioner

No Place For Any Form Of Bullying In Lagos State – Commissioner

July 23, 2025
Africans In Position To Develop Africa, Dangote Tells Global CEOs

Dangote Urges African Leaders To Protect Local Industries From Unfair Competition

July 23, 2025
Eid -el-Adha : Governor Abiodun Congratulates Muslims,Charges Them On Selflessness, Compassion

The President Landed At Gateway Airport, And Floodgates Of Goodwill Were Opened By Kayode Akinmade

July 23, 2025
12 Suspected Kidnappers, One Informant Arrested In Kogi, Kwara

12 Suspected Kidnappers, One Informant Arrested In Kogi, Kwara

July 23, 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 Police Launch Manhunt For Killer Of Ayo Ayepeku, Lokoja Photojournalist July 23, 2025
  • No Place For Any Form Of Bullying In Lagos State – Commissioner July 23, 2025
  • Dangote Urges African Leaders To Protect Local Industries From Unfair Competition July 23, 2025

Categories

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