- AMCON confirmed it rejected initial offers and pushed for a better deal before finalising the N100bn transaction.
- A civil society group filed suit claiming the stake in Ibadan DisCo was secretly sold far below its actual value.
The Asset Management Corporation of Nigeria has confirmed the sale of the Ibadan Electricity Distribution Company.
The managing director and chief executive officer of AMCON, Gbenga Alake, made the disclosure during a media session with editors on Thursday.
In April 2024, the federal government announced plans to sell five electricity distribution companies overseen by banks and AMCON.
Ibadan DisCo was listed among the firms slated for sale.
Others include the Abuja, Benin, Kaduna, and Kano electricity distribution companies.
Alake told journalists that the Ibadan utility firm was sold for N100bn.
He noted that the handover process to the preferred investor would begin shortly.
“Today, I announce to you that Ibadan DisCo has been sold. When we came in, it has already been sold. It was sold for how much?” he said.
“We got in and said no, it cannot be. We said they should go and submit a new offer that we were not going to sell for that.”
“At the end of the day, we got almost double of what Ibadan DisCos was going to be sold for.”
The AMCON boss revealed that the sale has sparked a flurry of legal challenges.
He said multiple parties have raised objections and filed legal complaints over the transaction.
“We have sold it… and whatever is still happening in court, we will face it,” Alake said.
On May 15, reports emerged that a civil society organisation, African Initiative Against Abuse of Public Trust, had sued AMCON, the Nigerian Electricity Regulatory Commission, the Bureau of Public Enterprises, and Ibadan DisCo.
The case, filed at the federal high court in Abuja and marked FHC/ABJ/CS/866/2025, alleged that the transaction was secretive and illegal.
The group described the reported sale of a 60 percent stake in the company for $62m as “corruptly undervalued”.
It further argued that the deal would cost the country $107m in losses compared to the $169m valuation from the 2013 privatisation.
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