Abuja, Nigeria – July , 2025 — The Asset Management Corporation of Nigeria (AMCON) has officially confirmed the sale of the Ibadan Electricity Distribution Company (IBEDC), marking a significant development in the ongoing restructuring of Nigeria’s power sector.
The electricity firm, previously one of five power distribution companies managed by AMCON due to loan defaults and operational inefficiencies, has now been transferred to new ownership under a strategic sale arrangement.
According to AMCON, the decision to offload IBEDC aligns with the Federal Government’s broader objective of revitalizing the power sector by handing over critical assets to more financially capable and technically competent investors. The Corporation noted that the new owners are expected to inject fresh capital, improve service delivery, and enhance grid reliability across IBEDC’s coverage areas, which include Oyo, Ogun, Osun, Kwara, and parts of Kogi, Niger, and Ekiti States.
An AMCON official, speaking on condition of anonymity, revealed that the transaction followed due diligence and regulatory approvals, with key stakeholders, including the Bureau of Public Enterprises (BPE) and the Nigerian Electricity Regulatory Commission (NERC), playing supervisory roles in the process.
Industry observers view the sale as a potential turning point for the struggling utility company, which had faced challenges in infrastructure investment, customer metering, and power distribution efficiency.
Further details regarding the identity of the new investors and the financial terms of the transaction are expected to be disclosed in the coming days.
