The staff of Ibadan Electricity Distribution Company (IBEDC) Ltd has been told that Assets Management Corporation of Nigeria (AMCON) has taken over the Company due to insolvency.
According to a memo sent to staff of the company by IBEDC Chief Operating Officer (COO) Engineer John Ayodele he told the staff that IBEDC fell under receivership by a September 8, 2021 Federal High Court judgment.
The judgment, he said, granted preservative orders in favour of AMCON.
He explained the government corporation has appointed a lawyer to serve in the receivership action.
