The Assets Management Corporation of Nigeria (AMCON) has suggested that the Ibadan Electricity Distribution Company (IBEDC) can only enhance its efficiency by being sold to capable investors.
This was disclosed by Gbenga Alade, AMCON's Managing Director and CEO, during an interactive meeting with media executives in Lagos on Monday.
Alade highlighted that, upon reviewing the challenges facing AMCON after assuming office, he identified the power sector as a critical area requiring intervention to improve its operational effectiveness.
The AMCON head opines that without a reliable electricity source, no economy can advance and thrive. He mentioned that although the company has made an effort to address the problems affecting the IBEDC, the process is still ongoing.
Earlier in January 2022, AMCON acquired the IBEDC as a result of its insolvency.
This came after a court ruling in September 2021 that awarded AMCON, the receiver/manager of Integrated Energy Distribution and Marketing Limited, preservation orders.