Home Special Report AMCON Takeover: Ibadan Electricity Distribution Company Allays Workers’ Fears

AMCON Takeover: Ibadan Electricity Distribution Company Allays Workers’ Fears


The takeover of the Ibadan Electricity Distribution Company by the Assets Management Corporation of Nigeria has been announced to workers of the electricity distribution company by the Chief Operating Officer, John Ayodele, in a memo dated January 20, 2022.

The COO, according to the memo explained that the company was insolvent hence the takeover.

The development was said to have triggered panic among the workers but the chief operating officer assures them that their jobs were secured.

The memo read, “Further, to the judgment wherein the Federal High Court on the 8th of September 2021 granted preservative orders in favour of Asset Management Corporation, AMCON, (being the Receiver/Manager of Integrated Energy Distribution and Marketing Limited); the court has appointed Mr Kunle Ogunba Esq. SAN to act as Receiver/ Manager Nominee in the receivership action.

“Based on the foregoing the Receiver/Manager came in today 20th January 2022 (Thursday) 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.

“We are assured of job security which entails our position/ duties in the company, being entitlements to our salaries and other benefits etc.

“On 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.

“I wish us all the best, while I appeal that we continue to remember IBEDC in our prayers.”

Efforts to get the Manager, Branding and Communications, IBEDC, Frank Williams, were unsuccessful as calls did not connect to his phone, and he was yet to reply to the messages sent to him on the matter.

Credit: punchng.com

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