August 4, 2025
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AMCON

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Business

AMCON Confirms Sale of Ibadan Electricity Distribution Company

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

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Business Fraud

Ex-Union Bank Executive Testifies in AMCON N76bn Fraud Trial, Reveals Why He Forgave Arik Air’s $2.3M Debt

Lagos — A former Group Executive Director of Union Bank Plc, Mr. Austine Obigwe, has disclosed that he voluntarily wrote off a $2.3 million debt owed by Arik Air to his private firm, Staal Nigeria Limited, citing the airline’s operational difficulties at the time. He made this known while testifying before the Lagos State Special

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