The Asset Management Company of Nigeria has confirmed the sale of the Ibadan Electricity Distribution Company.
Gbenga Alake, managing director and chief executive officer of AMCON, revealed the details of the transaction during a media briefing with journalists on Thursday.
In April 2024, the federal government announced plans to sell five electricity distribution companies managed by banks and AMCON.
Ibadan DisCo, which was under AMCON’s management, is among the five companies listed for sale. Others include the Abuja Electricity Distribution Company, Benin Electricity Distribution Company, Kaduna Electricity Distribution Company, and Kano Electricity Distribution Company.
During the briefing, Alake stated that the company was sold for N100 billion.
He mentioned that AMCON would soon transfer the company to the preferred bidder.
“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?” Alake said.
“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 sale has sparked legal disputes, with “so many interests now fighting and writing”.
Alake maintained that despite the matter being in court, AMCON remains confident that the process was properly handled.
“We have sold it… and whatever is still happening in court, we will face it,” he said.
On May 15, reports emerged that the African Initiative Against Abuse of Public Trust, a civil society group, had filed a suit at the federal high court in Abuja against AMCON, the Nigerian Electricity Regulatory Commission, the Bureau of Public Enterprises, and Ibadan DisCo over an alleged planned sale of a 60 percent stake in the company for $62 million.
The civil society group, in the suit marked FHC/ABJ/CS/866/2025, described the sale as “secretive and illegal,” claiming the price was “corruptly undervalued”.
The group also argued that the transaction would result in a $107 million loss compared to the $169 million paid for the same stake during the 2013 privatisation of Ibadan DisCo.
