The Asset Management Corporation of Nigeria (AMCON) has taken over the assets of Integrated Energy Distribution and Marketing (IEDM) Limited, the core investor of Ibadan Electricity Distribution Company (IBEDC).
In a public notice, AMCON stated that it had appointed Osayaba Giwa-Osagie to take over the entire undertakings.
The takeover also include the assets of IEDM, including shares and interests in related companies and entities, in addition to the monies kept in of the 25 banks in Nigeria.
Notably, AMCON executed the takeover of IEDM following a default in a loan servicing agreement executed with Polaris Bank.
”AMCON has pursuant to Section 48 and 61 of AMCON Act 2010 been appointed Receiver/Manager over all the Assets of Integrated Energy Distribution and Marketing Limited as stipulated in the instruments executed in favour of AMCON by virtue of the Loan Purchase and Limited Servicing Agreement executed with Polaris Bank Limited dated 30th November 2018 and a Notice of Appointment of the Receiver/Manager dated August 6th, 2021, which was duly stamped by the Commissioner for Stamp Duties,” the statement read.
The Nigerian Electricity Regulatory Commission (NERC) had previously fined IBEDC ₦50 million for ”its failure to secure a refund of an interest-free loan the board of IBEDC granted to its core investor group.”