AMCON Sells Ibadan DISCO For ₦100 Billion - Politics

AMCON Sells Ibadan DISCO For ₦100 Billion - Politics - Nairaland

Nairaland Forum › Nairaland General › Politics › AMCON Sells Ibadan DISCO For ₦100 Billion (14405 Views)

AMCON Sells Ibadan DISCO For ₦100 Billion by Islie(op): 4:25pm On Jul 03, 2025

The Asset Management Company of Nigeria has announced that the Ibadan Electricity Distribution Company (IBEDC) has been sold.

Gbenga Alake, the managing director (MD) and chief executive officer (CEO) of AMCON, disclosed details of the sale during a media parley with media executives on Thursday.

In April 2024, the federal government said it would sell five power distribution companies under the management of banks and AMCON.

The DisCo, managed by AMCON, is one of five listed firms. The rest are the Abuja Electricity Distribution Company (AEDC), Benin Electricity Distribution Company, Kaduna Electricity Distribution Company, and Kano Electricity Distribution Company.

Speaking at the conference, Alake said the company was sold for N100 billion.

He said AMCON will soon hand over the power firm to the preferred bidder.

“Today, 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?” the AMCON boss said.

“We 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.

“At the end of the day, we got almost double of what Ibadan DisCos was going to be sold for.”

Alake said the sale has triggered legal battles, with “so many interests now fighting and writing”.

He said that while the matter is in court, AMCON is very positive that the right thing was done.

“We have sold it… and whatever is still happening in court, we will face it,” he said.

On May 15, report circulated that the African Initiative Against Abuse of Public Trust, a civil society organisation (CSO), has filed a lawsuit before the federal high court in Abuja against AMCON, Nigerian Electricity Regulatory Commission (NERC), Bureau of Public Enterprises (BPE), and the Ibadan DisCo over an alleged proposed sale of a 60 percent stake in IBEDC for $62 million.

The CSO, in the suit marked FHC/ABJ/CS/866/2025, described the sale as “secretive and illegal,” adding that the alleged amount is “corruptly undervalued”.

The African Initiative also claimed that the deal would lead to a loss of $107 million compared to the $169 million paid for the same stake during the 2013 privatisation of IBEDC.

https://www.thecable.ng/just-in-amcon-sells-ibadan-disco-for-n100bn/

5 Likes

Re: AMCON Sells Ibadan DISCO For ₦100 Billion by bigpicture001: 4:26pm On Jul 03, 2025

Na only tinubu fit pay 100billion... Who else get that kain money

Tinubu go still buy all naija

28 Likes 2 Shares

Re: AMCON Sells Ibadan DISCO For ₦100 Billion by GOFRONT(m): 4:39pm On Jul 03, 2025

If ADC coalition wins the next presidential election, they would grab Nigeria by the balls..........Except if Nigeria is not a Man.

And that would be the end of Nigeria.....Nobody survive being grabbed by the balls.....

14 Likes 3 Shares

Re: AMCON Sells Ibadan DISCO For ₦100 Billion by nnachukz(m): 4:46pm On Jul 03, 2025*

Why is the Eastern Electricity Distribution Company not included? Sell everything to new investors.

2 Likes 1 Share

Re: AMCON Sells Ibadan DISCO For ₦100 Billion by greatiyk4u(m): 4:48pm On Jul 03, 2025

The issue is not about selling it out but will the new buyers manage it better?......instead of re-selling why not return it to the FG make master strategist (self acclaimed) handle it.

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Re: AMCON Sells Ibadan DISCO For ₦100 Billion by budaatum: 4:51pm On Jul 03, 2025

nnachukz:
While is the Eastern Electricity Distribution Company not included? Sell everything to new investors.

And government, pay your electric bills, damn it!

Bloody hell. Punctuation does not count as a character on NL?

2 Likes

Re: AMCON Sells Ibadan DISCO For ₦100 Billion by yesloaded: 4:59pm On Jul 03, 2025

IBEDC is not a good disco at all

It's funny how these people makes massive money but still failed

Many areas are under band E, un-metered & received huge estimated bills on monthly basis

8 Likes

Re: AMCON Sells Ibadan DISCO For ₦100 Billion by iwaeda: 5:06pm On Jul 03, 2025*

The should add EKEDC to it, but I thought AMCON has been liquidated too. . How come IBEDC only worth N100bn grin

1 Like

Re: AMCON Sells Ibadan DISCO For ₦100 Billion by free2ryhme: 5:10pm On Jul 03, 2025

Islie:
https://www.thecable.ng/just-in-amcon-sells-ibadan-disco-for-n100bn/

say to yourself

I shall never be poor

repeat again

2 Likes

Re: AMCON Sells Ibadan DISCO For ₦100 Billion by Anointedboy(m): 5:11pm On Jul 03, 2025

Alright. We hope for the best. The new company should revamp the DISCO company.

Re: AMCON Sells Ibadan DISCO For ₦100 Billion by EasternActivist: 5:12pm On Jul 03, 2025

Come let's laugh at ibadan cheesy

IGR in the mud grin

;

7 Likes

Re: AMCON Sells Ibadan DISCO For ₦100 Billion by MrTuthakhamun(m): 5:14pm On Jul 03, 2025

I’m very sure it’s the crooks in government that bought the company, AMCON should be transparent with where the received funds is going

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Re: AMCON Sells Ibadan DISCO For ₦100 Billion by Babangidapikin: 5:17pm On Jul 03, 2025

To whom was it sold to ... Tomorrow someone would be ranting, when Oga El Rufia was in BPE everything was in the open , that was when I knew there's money in this world na me never find am. On top the openess the book of lamentations was open on Oga Atiku's head that he was selling to his friends.

4 Likes 1 Share

Re: AMCON Sells Ibadan DISCO For ₦100 Billion by Mide70: 5:18pm On Jul 03, 2025

Tariff will go up when it gets to the buyer, because they will want to recover , and there are many areas that don’t get up to 6hours a week with terrible bill

My people if you have money just go SOLAR!!!! We sell and install if you need our service

it’s well

2 Likes

Re: AMCON Sells Ibadan DISCO For ₦100 Billion by seunlayi(m): 5:24pm On Jul 03, 2025

Very very useless company. It's good it's sold and hope the new buyer will brace up.
Anyways, I don go solar way.

1 Like

Re: AMCON Sells Ibadan DISCO For ₦100 Billion by PigTormentor: 5:25pm On Jul 03, 2025

bigpicture001:
Na only tinubu fit pay 100billion... Who else get that kain money

Tinubu go still buy all naija

Tinubu is living rent-free in many emtpty skulls.

34 Likes 1 Share

Re: AMCON Sells Ibadan DISCO For ₦100 Billion by MilestoneMillet: 5:26pm On Jul 03, 2025

I'm not surprised that IBEC has been sold — other DISCOs will likely follow. With increased liquidity flowing into the market through tariff hikes, both local and foreign investors are now eyeing a share of the pie. Once the metering initiative takes full effect and ensures a steady cash flow, even the Transmission Company of Nigeria (TCN) could become attractive for bidding and eventual privatization.
This is ultimately good news for Nigerians. These new investors are expected to bring both expertise and capital to maintain, modernize, and expand the infrastructure — something that’s long overdue.
New dawn could be on the horizon in Nigeria's energy sector..

2 Likes

Re: AMCON Sells Ibadan DISCO For ₦100 Billion by muyico(m): 5:26pm On Jul 03, 2025

I hope our light will be okay soon, most part of Ibadan,weren't enjoying upto 3/4hour light, day/wkly/monthly

Re: AMCON Sells Ibadan DISCO For ₦100 Billion by SalamRushdie: 5:26pm On Jul 03, 2025

The fraud going on in Nigeria is mind boggling , na wa ,these Disco owners just use them for bank loan fraud and the then dump them on the Federal Govt

3 Likes

Re: AMCON Sells Ibadan DISCO For ₦100 Billion by Judolisco(m): 5:28pm On Jul 03, 2025

bigpicture001:
Na only tinubu fit pay 100billion... Who else get that kain money

Tinubu go still buy all naija

that's 65 million dollars.... Many Nigerians get dat money

Re: AMCON Sells Ibadan DISCO For ₦100 Billion by stealmatic(m): 5:28pm On Jul 03, 2025

bigpicture001:
Na only tinubu fit pay 100billion... Who else get that kain money

Tinubu go still buy all naija

Its like u are there when tinubu was signing the check,better stay for ur coalition abi na laborers party and start preparing for ur cry come 2027,b4 u start crying fowl

2 Likes

Re: AMCON Sells Ibadan DISCO For ₦100 Billion by stealmatic(m): 5:31pm On Jul 03, 2025

PigTormentor:
Tinubu is living rent-free in many emtpty skulls.

Come 2027 we are going to recomend Tinubutamol for all of them ,to them everything is about tinubu,b4 dey say na tinubu make der landlord Bleep der wife

3 Likes

Re: AMCON Sells Ibadan DISCO For ₦100 Billion by Karlifate: 5:32pm On Jul 03, 2025

bigpicture001:
Na only tinubu fit pay 100billion... Who else get that kain money

Tinubu go still buy all naija

LMAO! 🤣🤣

He'll buy ADC coalition as special pet.

LMAO! 😂😂 once again!

"40 character" fulfilled.

Mr Seun Osewa, this "40 character" ish is nonsensical. angry

1 Like

Re: AMCON Sells Ibadan DISCO For ₦100 Billion by Judolisco(m): 5:33pm On Jul 03, 2025

EasternActivist:
Come let's laugh at ibadan

IGR in the mud

IGR in the mud

IGR in the mud ;

so dis IGR stuff dey pain una.... 😂 Instead make una come learn so that you'll develop your region

5 Likes 1 Share

Re: AMCON Sells Ibadan DISCO For ₦100 Billion by kingsways: 5:37pm On Jul 03, 2025

N100 billion is peanuts for a whole Ibadan Disco

We need to know who the new owners are

I don’t trust these people, I suspect they have sold the company to themselves

1 Like

Re: AMCON Sells Ibadan DISCO For ₦100 Billion by Germi9: 5:42pm On Jul 03, 2025

iwaeda:
The should ask EKEDC to it, but I thought AMCON has been liquidated too. . How come IBEDC only worth N100bn

Because the new investors have so much work to do. Nigeria power sector is almost dead na

1 Like

Re: AMCON Sells Ibadan DISCO For ₦100 Billion by Sirianese: 5:47pm On Jul 03, 2025

GOFRONT:
If ADC coalition wins the next presidential election, they would grab Nigeria by the balls..........Except if Nigeria is not a Man.

And that would be the end of Nigeria.....Nobody survive being grabbed by the balls.....

Madman's talk

29 more characters needed
7 more characters needed

Re: AMCON Sells Ibadan DISCO For ₦100 Billion by MT: 5:47pm On Jul 03, 2025

Till they find a way to arrest those who by-pass meters, no disco will be profitable.

Their staff are complicit too. They help individuals to by-pass and collect illicit money.

Re: AMCON Sells Ibadan DISCO For ₦100 Billion by favor914: 5:55pm On Jul 03, 2025

bigpicture001:
Na only tinubu fit pay 100billion... Who else get that kain money

Tinubu go still buy all naija

100 billion Naira na money? The problem lays with the consumers like Yourself that will refuse to pay your electricity bill, & find a way to bypass.

Re: AMCON Sells Ibadan DISCO For ₦100 Billion by davidtemi(m): 5:56pm On Jul 03, 2025

Hopefully our light in Ibadan will be better.

It's a total trash at the moment

Re: AMCON Sells Ibadan DISCO For ₦100 Billion by Talismann: 6:00pm On Jul 03, 2025

budaatum:
And government, pay your electric bills, damn it!

Bloody hell. Punctuation does not count as a character on NL?

I don laugh tire. Punctuation mark na part of alphabets or numbers?

Kai

1 2 3 Reply

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