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).
AMCON, in a public notice, has appointed Osayaba Giwa-Osagie (SAN) to take over the entire undertakings, assets of IEDM including shares and interests in related companies and entities, and also monies kept in of the 25 banks in Nigeria.
It was gathered that AMCON takes over the conglomerate following a default in a Loan Servicing Agreement executed with Polaris Bank.
The statement reads, “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”.
