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AMCON takes over IBEDC over insolvency

The Assets Management Corporation of Nigeria has announced the takeover of the Ibadan Electricity Distribution Company Ltd due to insolvency.

The development was relayed to members of staff in a memo signed by the Chief Operating Officer, John Ayodele, which was made available to members of staff.

An employee of IBEDC, who pleaded anonymity, also confirmed the development to The PUNCH stating that the members of staff of the company were made aware of the development on Thursday.

However, Ayodele, in the memo assured the IBEDC staff of job security.

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