IBEDC Sold for N100 Billion: AMCON Secures Landmark Power Sector Deal

In a major development for Nigeria’s electricity sector, the Ibadan Electricity Distribution Company (IBEDC) has been sold for N100 billion, according to the Asset Management Corporation of Nigeria (AMCON). The sale, which was finalized after a successful renegotiation, marks a significant win for the federal government’s ongoing power privatization agenda.

The AMCON Managing Director confirmed that the IBEDC sold for N100 billion, nearly twice the amount originally proposed before the renegotiation process. This strategic move highlights AMCON’s efforts to extract higher value from public assets while fostering efficiency in the power distribution network.

Despite lingering legal issues surrounding IBEDC, AMCON emphasized that the transaction has been fully completed. The agency—tasked with managing distressed assets—also oversees other major power firms, including the Abuja, Benin, Kaduna, and Kano distribution companies.

This sale is the first success story under the federal government’s April 2024 directive to privatize five electricity distribution companies previously held by banks and AMCON. With IBEDC sold for N100 billion, it sets a precedent for the subsequent sales expected in the coming months.

Analysts view the deal as a pivotal moment for Nigeria’s power sector reform, particularly in terms of attracting private investment and ensuring better service delivery. The fact that IBEDC sold for N100 billion—well above the previous valuation—signals growing investor confidence in the nation’s electricity market.