FeaturedHighlight

Ibadan Disco slumps, taken over by AMCON

441

 

The insolvent Ibadan Electricity Distribution Company (IBEDC), distributing power to Ogun, Oyo, Osun, Kwara and some parts of Ekiti, has been taken over by the Assets Management Corporation of Nigeria (AMCON).

The Disco had in 2021 raised its tariff by about 300 percent and has been issuing out crazy, estimated bills to unmetered houses which outnumbered prepaid metered houses thereby fleecing millions of consumers, Persecondnews recalls.

Several communities also purchased transformers, concrete and wooden poles as well as other items without IBEDC reciprocating the gestures by giving them light as it embarked on power rationing in supplying light to the communities for about three or six hours every other day.

Breaking the development to staff members at the Ibadan headquarters, the Chief Operating Officer, Mr John Ayodele, said in a memo that the takeover by AMCON was immediate.

Ayodele said the takeover was inevitable following the “insolvency” of the company.

Persecondnews.com also recalls that the Abuja Electricity Distribution Company (AEDC) was taken over by UBA in December 2021 over debts and insolvency as it could not pay staff salaries.

AMCON had listed 7,912 names owing N4.4 trillion as the deadline for payment expired today.

The memo reads:“Further to the judgment 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 Ogunba Esq. SAN to act as Receiver/ Manager Nominee in the receivership action.

“Based on the foregoing the Receiver/Manager came in today 20th January 2022 ( Thursday) to the IBEDC Headquarters to take charge formally and subsequently met with the management team. Therefore, I hereby wish to inform all staff that there is no cause for alarm.”

Allaying the fears of workers, the CEO stated:“We are assured of job security which entails our position/ duties in the company, being entitlements to our salaries and other benefits etc.

“On behalf of the management, I urge us all to kindly go about the efficient discharge of our duties to ensure a speedy and mutually beneficial resolution.

“I wish us all the best, while I appeal that we continue to remember IBEDC in our prayers.”

However, investigations by Persecondnews revealed that all payments by electricity consumers go straight into the account of the owners and not the company account thereby making it difficult for staff to monitor its finances.

“Every Kobo paid by customers goes into the account of the owners as they get bank alerts.

“Account staff don’t know how much the company makes whether it is breaking even or not,” a disgruntled senior staff said.

Leave a comment

Related Articles

Tinubu’s forex policy revolutionizes domestic airline operations – United Nigeria airline boss

The Founder of United Nigeria Airline, Prof. Obiora Okonkwo, has praised the...

NNPCL Dismisses Social Media Video Alleging Dispensing Poor Fuel Quality

The Nigerian National Petroleum Company Limited (NNPC Ltd) has issued a strong...

Kenyan Runner Edwin Koech Wins 2025 Access Bank Lagos City Marathon, Carts Home $50,000

Kenya’s Edwin Kibet Koech has emerged victorious in the men’s division of...

Another Rep rejects allegation of $150m bribe from Binance Executive Gambaryan

Rep. Ginger Onwusibe, the Chairman of the House of Representatives Committee on...

Lagos Assembly crisis: Obasa heads to court, challenges removal as Speaker

Mudashiru Obasa, the impeached Speaker of the Lagos State House of Assembly,...

FG Dismisses Binance Executive Tigran Gambaryan’s Allegations

The Federal Government has officially denied allegations made by Tigran Gambaryan, a...

US congressman drops bombshell, accuses USAID of funneling taxpayers’ money to Boko Haram, ISIS, Al-Qaeda

A stunning revelation has rocked international circles as American Republican Congressman Scott...

African Union Launches Landmark Credit Rating Agency to Promote Regional Economic Integration

The African Union has taken a significant step towards promoting economic resilience...

UNIZIK expels student for assaulting lecturer

For allegedly assaulting a lecturer, authorities of the Nnamdi Azikiwe University (UniZik),...

Military chiefs’ visa denial: Canada declines comment, cites privacy concerns

The Canadian High Commission in Nigeria has acknowledged media reports concerning the...

FG approves 150 medical personnel for correctional centres nationwide

In a bid to boost healthcare delivery in Nigeria’s correctional centres, the...

Ex-Abia Attorney General, Ihediwa, Regains SAN Title After 7-Month LPPC’s Suspension

Seven months after his Senior Advocate of Nigeria (SAN) was withdrawn, the...

2Baba’s family petitions DSS over singer’s mysterious disappearance amid marital issues

…I’m not engaged to him, she fires back The ongoing marital crisis...

Russia, Nigeria Set for Historic Friendly Match

The Russian Football Union (RFU) has announced that the country’s men’s national...

Pres. Tinubu Arrives in Ethiopia for 38th AU Summit

President Bola Tinubu arrived in Addis Ababa, Ethiopia, on Thursday night to...

FCT President Cup: EFCC FC, Galadima FC, FWC FC, N-Youth Academy Secure Semifinal Spots

The stage is set for the semifinals of the FCT President Cup,...

Southwest Governors Move to Establish Joint Security Outfit to Counter Rising Banditry, Insurgency Threats

Amid rising concerns over the renewed spate of banditry and insurgency in...

Abiodun’s Investment Drive: Ogun to host West Africa’s largest cotton and apparel industry, targets 40,000 jobs

The biggest cotton and apparel industry in West Africa, with a capacity...

Fire ravages 7-Storey Lagos building, leaving trail of destruction

A devastating fire swept through a seven-storey commercial building located in the...

FCT Police, Military Join Forces to Neutralize Deadly Abuja Armed Robbery Gangs

A collaborative effort between the FCT Police Command, military personnel, and local...