The Ibadan Electricity Distribution Company (IBEDC) has been taken over by the Assets Management Corporation of Nigeria (AMCON) due to insolvency.

The Chief Operating Officer (COO) Engineer John Ayodele disclosed this in a memo to members of staff intimating them of the development.Ayodele, in the January 20 memo, stated the business fell under receivership by a September 8, 2021 Federal High Court judgment.The judgment, he said, granted preservative orders in favour of AMCON.He discussed the federal government corporation has actually appointed a lawyer to serve in the

receivership action.He disclosed that the receiver showed up on Thursday January 20 to take charge officially, hinting that he currently held a conference with the management staff.Ayodele, nevertheless, eased fears over the development and ensured personnel of job security.The memo checks out: “Further, to the judgement 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 serve as Receiver/ Manager Nominee in the receivership action.”Based on the foregoing the Receiver/Manager can be found in today 20th January 2022 to the IBEDC Headquarters to take charge officially and consequently consulted with the Management group. I thus want to notify all staff that there is no cause for alarm. “We are assured of task security which requires our position/ responsibilities in the business, being entitlements to our incomes and other advantages and so on “On behalf of the Management I prompt all of us to kindly set about the effective discharge of our

responsibilities to guarantee a mutually helpful and quick resolution.”I want all of us the best, while|appeal that we continue to keep in mind IBEDC in our prayers.”IBEDC disperses electrical power to customers in Oyo, Osun, Ogun and Ondo as well as some parts of Ekiti and Kwara States. ToriNG