IBEDC Remains Under AMCON Appointed Receivership

The Receiver Manager appointed by Asset Management Corporation of Nigeria (AMCON) has called on the public to disregard a press statement recently issued by the duo of the Bureau of Public Enterprises (BPE), and the Nigerian Electricity Regulatory Agency (NERC) claiming to take over the control, and management of Ibadan Electricity Distribution Company (IBEDC).

A statement signed by Mr Kunle Ogunba Esq, a Senior Advocate of Nigeria (SAN) and dated July 6, 2022, which was made available to our reporter called on the general public to disregard the deceptive and misleading press statement from the BPE and NERC because Ibadan Electricity Distribution Company (IBEDC) remains in AMCON possession over huge indebtedness, but under the control of a Receiver/Manager who was duly appointed by AMCON to oversee the affairs of IBEDC.

The public notice added that the case between the IBEDC, BPE and NERC, remains a subsisting order of court in Suit No. FHC/L/AMC/92/2021, granted on September 8, 2021, and varied on December 3, 2021, respectively. It said with that development, the appointment of a Receiver/Manager by the Asset Management Corporation of Nigeria (AMCON), and its nominee Kunle Ogunba, SAN was duly registered at the archives of the Corporate Affairs Commission (CAC), Abuja.

Legally speaking therefore, the BPE and NERC both in their individual, and collective capacities have no powers under any subsisting enactment to take the steps they have taken, as well as the attempts they have made to harass the AMCON appointed Receiver/Manager.

On the strength of the pendency of the matter, the statement further enjoined the public to disregard the press statement as the current management of IBEDC remains intact as the Receiver/Manager shall resist any illegal imposition that runs athwart of the spirit, and intendments of the recently concluded privatization exercise in the power sector by the Federal Government of Nigeria, and create unnecessary tension, and avoidable confusion within the fragile Nigerian energy distribution sector.