AMCON set to sell IBEDC

The Assets Management Corporation of Nigeria, AMCON, has disclosed that the only way to make the Ibadan Electricity Distribution Company more efficient is to sell it to viable investors.

The AMCON Managing Director/Chief Executive Officer, Gbenga Alade, made this known at an interactive session with media executives in Lagos on Monday.

The AMCON boss believes that no economy can grow and move forward without a stable power supply.

Speaking, Alade disclosed that the Disco being managed by AMCON would be sold to investors with ”deep pockets”.

“In the power sector, we have Ibadan DisCo, which is under AMCON. We’ve tried as much as possible to get that resolved. And we’re in the process. We are yet to conclude the sale, but we are making very good headway in resolving Ibadan DisCo,” he said.

Alade expressed optimism that the IBEDC would be profitable if sold, saying it covers different states, including Ogun industrial areas.

”I believe that Ibadan Disco is the largest disco that we have because it goes across so many states like Ogun, including all the industrial areas of Ogun State. We believe that it can be made more efficient if sold to people with deep pockets who can invest, not people who just buy and not invest; they don’t have money to invest.

“With people who have deep pockets to invest in making that company more efficient and more effective, it will go a long way to helping the power sector,” he noted.