The Asset Management Corporation of Nigeria (AMCON) has confirmed the completion of the sale of the Ibadan Electricity Distribution Company (IBEDC) for N100 billion, nearly double the initial asking price. This announcement was made by AMCON’s Managing Director and CEO, Gbenga Alake, during a recent media briefing.

Alake revealed that AMCON intervened after discovering the company had been preliminarily sold at a lower value. “We insisted on a new offer because the initial sale was unacceptable,” he stated. The preferred bidder is set to take over IBEDC soon, although ongoing legal disputes have emerged in response to the transaction.

Several parties have expressed opposition to the sale, with some filing suits challenging the legitimacy of the deal. In May 2025, a civil society group, the African Initiative Against Abuse of Public Trust, filed a lawsuit at the Federal High Court in Abuja. The group labeled the sale “secretive and illegal,” arguing that the stake was sold at a corruptly undervalued price. They highlighted that the $62 million price tag for a 60% stake significantly undercuts the $169 million paid for the same share during IBEDC’s 2013 privatisation.

Despite these challenges, AMCON remains firm on the transaction. “The sale is done, and any ongoing court matters will be dealt with accordingly,” Alake affirmed.

The sale of IBEDC is part of a broader Nigerian government initiative to privatize five power distribution companies currently under the management of AMCON and various banks. The companies targeted include IBEDC, Abuja Electricity Distribution Company (AEDC), Benin Electricity Distribution Company, Kaduna Electricity Distribution Company, and Kano Electricity Distribution Company.

This move aims to boost efficiency and attract investment in Nigeria’s electricity sector amid ongoing efforts to improve power supply across the country.