The Assets Management Corporation of Nigeria (AMCON) has taken over the Ibadan Electricity Distribution Company (IBEDC) Ltd over its failure to pay debts.<\/p>\n
In a memo to the IBEDC members of staff, the Chief Operating Officer (COO), Engr John Ayodele disclosed the new development.<\/p>\n
Ayodele, said in the memo, that the company fell under receivership by a September 8, 2021 Federal High Court judgment.<\/p>\n
The judgment, he said, granted preservative orders in favour of AMCON.<\/p>\n
He explained the government corporation had appointed a lawyer to serve in the receivership action.<\/p>\n
He revealed that the receiver arrived on Thursday January 20 to take charge formally, hinting that he already held a meeting with the management staff.<\/p>\n
Ayodele, however, allayed fears over the development and assured staff of job security.<\/p>\n
The memo read, \u201cFurther, to the judgement wherein the Federal High Court on the 8th of September 2021 granted preservative orders in favour of Asset Management Corporation-<\/p>\n
\u201cAMCON, (being the Receiver\/Manager of Integrated Energy Distribution and Marketing Limited); the court has appointed Mr Kunle Oqunba Esq.SAN to act as Receiver\/ Manager Nominee in the receivership action.<\/p>\n
\u201cBased on the foregoing the Receiver\/Manager came in today 20th January 2022 to the IBEDC Headquarters to take charge formally and subsequently met with the Management team. Therefore, I hereby wish to inform all staff that there is no cause for alarm.<\/p>\n
\u201cOn behalf of the Management I urge us all to kindly go about the efficient discharge of our duties to ensure a speedy and mutually beneficial resolution.<\/p>\n
\u201cI wish us all the best, while | appeal that we continue to remember IBEDC in our prayers.\u201d<\/p>\n
IBEDC distributes electricity to consumers in Oyo, Osun, Ogun and Ondo as well as some parts of Ekiti and Kwara states.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
The Assets Management Corporation of Nigeria (AMCON) has taken over the Ibadan Electricity Distribution Company (IBEDC) Ltd over its failure to pay debts. In a memo to the IBEDC members…<\/p>\n","protected":false},"author":1,"featured_media":91034,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-91033","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n