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Olugbemi. Adeyinka Ogunleye
6 days ago
Overview
AMCON sells 60% stake in Ibadan DisCo for N100bn
The Asset Management Corporation of Nigeria has announced the sale of the Ibadan Electricity Distribution Company as part of renewed efforts to divest distressed assets and intensify debt recovery across the country.
Managing Director and Chief Executive Officer of AMCON, Gbenga Alade, during a media conference held in Lagos on Thursday, said the sale of IBEDC followed a revised bidding process after AMCON rejected the initial offer.
AMCON officials explained that the firm owns a 60 per cent stake in IBEDD, while the Bureau of Public Enterprises has the remaining 40 per cent. The 60 per cent stake of AMCON is what the firm has sold.
Alade declared IBEDC sold and explained how his leadership rejected an earlier lowball offer, stating, “I announce to you that Ibadan Disco has been sold. When we came in, it had already been sold. 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 (the initial offer). At the end of the day, we got almost double what Ibadan Disco was going to be sold for.”
While some reports have priced the sale of the facility at N100bn, The PUNCH reports that there were counterclaims on the worth of the facility, following a lawsuit which alleged that AMCON had proposed the sale of a 60 per cent stake in IBEDC for $62m.
Meanwhile, Alade noted that AMCON would soon hand over IBEDC to the preferred bidder even as legal disputes persist. He remarked, “We have sold it… and whatever is still happening in court, we will face it.”
More: https://punchng.com/amcon-sells-ibadan-disco-stake-in-debt-recovery-drive/?amp
