The Asset Management Corporation of Nigeria (AMCON) has officially confirmed the sale of the Ibadan Electricity Distribution Company (IBEDC), one of Nigeria’s key power distribution firms.

This disclosure was made by AMCON’s Managing Director and Chief Executive Officer, Gbenga Alake, during a media parley with journalists on Thursday.

According to Alake, the power firm was sold for N100 billion to a preferred bidder, though the handover process is still underway. He explained that the initial deal presented before AMCON’s involvement was rejected, as the corporation believed the company was being significantly undervalued.

“When we came in, it had already been sold,” Alake stated. “We said no, it cannot be. We insisted on a better offer, and at the end of the day, we got almost double what it was initially going to be sold for.”

The sale of IBEDC follows the federal government’s April 2024 announcement of plans to privatise five power distribution companies currently under the management of banks and AMCON. The other four DisCos include the Abuja Electricity Distribution Company (AEDC), Benin Electricity Distribution Company, Kaduna Electricity Distribution Company, and Kano Electricity Distribution Company.

Alake, however, acknowledged that the transaction has sparked legal battles, with various interests raising objections and filing lawsuits.

“There are so many interests now fighting and writing. But we are confident the right thing was done. We have sold it… and whatever is still happening in court, we will face it,” he affirmed.

The sale has come under scrutiny, particularly from a civil society group, the African Initiative Against Abuse of Public Trust. On May 15, the group filed a suit at the Federal High Court in Abuja (Suit No. FHC/ABJ/CS/866/2025) against AMCON, the Nigerian Electricity Regulatory Commission (NERC), the Bureau of Public Enterprises (BPE), and IBEDC.

The group described the sale of a 60 percent stake in IBEDC—reportedly valued at $62 million—as “secretive and illegal.” They claimed the deal was corruptly undervalued, estimating a potential loss of $107 million compared to the $169 million paid for the same stake during the 2013 privatisation exercise.

Despite the ongoing legal tussle, AMCON insists the transaction was conducted in the nation’s best interest and remains committed to seeing the process through.