{"id":360097,"date":"2025-07-03T14:26:56","date_gmt":"2025-07-03T13:26:56","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=360097"},"modified":"2025-07-03T14:47:29","modified_gmt":"2025-07-03T13:47:29","slug":"breaking-amcon-sells-ibadan-disco","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2025\/07\/03\/breaking-amcon-sells-ibadan-disco\/","title":{"rendered":"BREAKING: AMCON sells Ibadan Disco"},"content":{"rendered":"<ul>\n<li class=\"ai-optimize-24 ai-optimize-introduction\"><strong>AMCON confirmed it rejected initial offers and pushed for a better deal before finalising the N100bn transaction.<\/strong><\/li>\n<li class=\"ai-optimize-23\"><strong>A civil society group filed suit claiming the stake in Ibadan DisCo was secretly sold far below its actual value.<\/strong><\/li>\n<\/ul>\n<hr \/>\n<p class=\"ai-optimize-6 ai-optimize-introduction\">The Asset Management Corporation of Nigeria has confirmed the sale of the Ibadan Electricity Distribution Company.<\/p>\n<p class=\"ai-optimize-7\">The managing director and chief executive officer of AMCON, Gbenga Alake, made the disclosure during a media session with editors on Thursday.<\/p>\n<p class=\"ai-optimize-8\">In April 2024, the federal government announced plans to sell five electricity distribution companies overseen by banks and AMCON.<\/p>\n<p class=\"ai-optimize-9\">Ibadan DisCo was listed among the firms slated for sale.<\/p>\n<p class=\"ai-optimize-10\">Others include the Abuja, Benin, Kaduna, and Kano electricity distribution companies.<\/p>\n<p class=\"ai-optimize-11\">Alake told journalists that the Ibadan utility firm was sold for N100bn.<\/p>\n<p class=\"ai-optimize-12\">He noted that the handover process to the preferred investor would begin shortly.<\/p>\n<p class=\"ai-optimize-13\">\u201cToday, 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?\u201d he said.<\/p>\n<p class=\"ai-optimize-14\">\u201cWe 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.\u201d<\/p>\n<p class=\"ai-optimize-15\">\u201cAt the end of the day, we got almost double of what Ibadan DisCos was going to be sold for.\u201d<\/p>\n<p class=\"ai-optimize-16\">The AMCON boss revealed that the sale has sparked a flurry of legal challenges.<\/p>\n<p class=\"ai-optimize-17\">He said multiple parties have raised objections and filed legal complaints over the transaction.<\/p>\n<p class=\"ai-optimize-18\">\u201cWe have sold it\u2026 and whatever is still happening in court, we will face it,\u201d Alake said.<\/p>\n<p class=\"ai-optimize-19\">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.<\/p>\n<p class=\"ai-optimize-20\">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.<\/p>\n<p class=\"ai-optimize-21\">The group described the reported sale of a 60 percent stake in the company for $62m as \u201ccorruptly undervalued\u201d.<\/p>\n<p class=\"ai-optimize-22\">It further argued that the deal would cost the country $107m in losses compared to the $169m valuation from the 2013 privatisation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":43,"featured_media":360098,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","post_calculate_word_method":"str_word_count","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post_position":"meta","trending_post_label":"Trending","sponsored_post_label":"Sponsored by","disable_ad":"0"},"jnews_primary_category":[],"jnews_override_bookmark_settings":{"override_bookmark_button":"0","override_show_bookmark_button":"0"},"jnews_override_counter":{"view_counter_number":"0","share_counter_number":"0","like_counter_number":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[5,16587],"tags":[596,87840,87839,87838,6690,46755,42449],"class_list":["post-360097","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking","category-business","tag-amcon","tag-electricity-sale","tag-gbenga-alake","tag-ibadan-disco","tag-nerc","tag-power-sector","tag-privatisation"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>BREAKING: AMCON sells Ibadan Disco<\/title>\n<meta name=\"description\" content=\"The Asset Management Corporation of Nigeria has announced that the Ibadan Electricity Distribution Company\u00a0 (IBEDC) has been sold.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2025\/07\/03\/breaking-amcon-sells-ibadan-disco\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BREAKING: AMCON sells Ibadan Disco\" \/>\n<meta property=\"og:description\" content=\"AMCON confirmed it rejected initial offers and pushed for a better deal before finalising the N100bn transaction. A civil society group filed suit\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.withinnigeria.com\/news\/2025\/07\/03\/breaking-amcon-sells-ibadan-disco\/\" \/>\n<meta property=\"og:site_name\" content=\"NEWS PICKS \u2014 WITHIN NIGERIA\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/withinnigeria\" \/>\n<meta property=\"article:published_time\" content=\"2025-07-03T13:26:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-07-03T13:47:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.withinnigeria.com\/news\/wp-content\/uploads\/sites\/5\/2025\/07\/6602bfdfacd267.89690234-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1707\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"W.N YEMI\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" 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