The Assets Management Corporation of Nigeria (AMCON) has taken over the Ibadan Electricity Distribution Company (IBEDC) Ltd over insolvency.
The Chief Operating Officer (COO) Engineer John Ayodele disclosed this in a memo to members of staff intimating them of the development.
Ayodele, in the January 20 memo, said the company 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.
He disclosed that the receiver arrived on Thursday January 20 to take charge formally, hinting that he already held a meeting with the management staff.
Ayodele, however, allayed fears over the development and assured staff of job security.
The memo reads: “Further, to the judgement wherein the Federal High Court on the 8th of September 2021 granted preservative orders in favour of Asset Management Corporation-
AMCON, (being the Receiver/Manager of Integrated Energy Distribution and Marketing Limited); the court has appointed Mr Kunle Oqunba Esq.SAN to act as Receiver/ Manager Nominee in the receivership action.
“Based on the foregoing the Receiver/Manager came in today 20th January 2022 to the IBEDC Headquarters to take charge formally and subsequently met with the Management team. Therefore, I hereby wish to inform all staff that there is no cause for alarm.
“We are assured of job security which entails our position/ duties in the company, being entitlements to our salaries and other benefits etc.
“On behalf of the Management I urge us all to kindly go about the efficient discharge of our duties to ensure a speedy and mutually beneficial resolution.
“I wish us all the best, while | appeal that we continue to remember IBEDC in our prayers.”