The Digest:
The Asset Management Corporation of Nigeria (AMCON) has announced the sale of its 60 percent stake in the Ibadan Electricity Distribution Company (IBEDC) for N100 billion. This crucial divestment, part of the Federal Government's plan to sell five power distribution companies under AMCON and bank management, marks a pivotal moment for Nigeria's energy sector. Amidst claims of undervaluation and ongoing legal challenges, the transaction pushes the nation's power sector, currently
Key Points:
- AMCON announced the sale of the Ibadan Electricity Distribution Company (IBEDC).
- AMCON's Managing Director, Gbenga Alake, disclosed the N100 billion sale.
- The federal government aimed to sell five power distribution companies.
- AMCON owns 60 percent of Ibadan DisCo; BPE controls 40 percent.
- AMCON claims it secured nearly double the initial proposed sale price
- The sale has triggered legal battles, with the matter currently in court.
- A civil society organization has filed a lawsuit alleging a secretive sale and undervaluation.
Sources: The Cable
