The Assets Management Corporation of Nigeria (AMCON) has assumed control of the Ibadan Electricity Distribution Company (IBEDC) Ltd over insolvency.
Engineer John Ayodele, the Chief Operating Officer (COO), confirmed the development in a memo to members of staff.
Ayodele, in the January 20 memo reported by The Nation, said the company fell under receivership by a September 8, 2021, Federal High Court judgment.
He said the judgement granted preservative orders in favour of AMCON.
He explained the government corporation has appointed a lawyer to serve in the receivership action.
He disclosed that the receiver arrived on Thursday, January 20 to take charge formally, hinting that he already held a meeting with the management staff.
Ayodele, however, allayed fears over the development and assured staff of job security.
The memo reads: “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 Oqunba 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 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 | appeal that we continue to remember IBEDC in our prayers.”
IBEDC distributes electricity to consumers in Oyo, Osun, Ogun, and Ondo as well as some parts of Ekiti and Kwara States.