The Asset Management Company of Nigeria (AMCON), has sold the Ibadan Electricity Distribution Company (IBEDC), to a yet to be announced preferred bidder for N100 billion.
Revealing this today during a press conference, the AMCON Managing Director and Chief Executive Officer, Gbenga Alake said the sale fetched nearly double the amount initially offered.
He stated, “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? 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.”
According to him, the company would soon be handed over to the preferred bidder
