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Ibadan Electricity Company Sale Finalised as AMCON Secures N100bn Deal

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Ibadan Electricity Company Sale

Ibadan electricity company sale confirmed as AMCON announces N100bn deal. Legal battles follow, but handover to new owners expected soon

Ibadan electricity company sale has officially been concluded, with the Asset Management Corporation of Nigeria (AMCON) confirming that its 60 percent stake in the Ibadan Electricity Distribution Company (IBEDC) has been sold for N100 billion.

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Also read: Nigerian electricity consumers oppose tariff hike, demand better power supply

The announcement was made on Thursday by Gbenga Alake, Managing Director and Chief Executive Officer of AMCON, during a press briefing with media executives.

This sale is part of the federal government’s broader plan to divest its interests in five power distribution companies that were previously under the management of commercial banks and AMCON.

In April 2024, the government had indicated its intention to offload its holdings in these companies, which include the Abuja, Benin, Kaduna, Kano, and Ibadan DisCos.

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At the briefing, Alake revealed that AMCON had rejected a previous offer for the DisCo, citing the need for a more competitive bid.

“Today, I announce to you that Ibadan DisCo has been sold,” he said.

“When we came in, it had already been sold. We said no, it cannot be. We asked the bidder to go and submit a new offer. We were not going to accept that value. At the end of the day, we got almost double of what Ibadan DisCo was going to be sold for.”

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According to him, the sale price now stands at N100 billion, though the identity of the buyer has not been made public.

He confirmed that AMCON would soon complete the handover process to the preferred bidder.

The transaction has not been without controversy. Alake admitted that legal disputes have emerged since the sale was finalised.

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“So many interests are now fighting and writing. We have sold it… and whatever is still happening in court, we will face it,” he said confidently.

As of now, AMCON holds 60 percent of the Ibadan DisCo, while the Bureau of Public Enterprises (BPE) owns the remaining 40 percent.

This sale affects only AMCON’s portion of the company, a detail clarified after early reports misrepresented the scope of the deal.

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On May 15, a civil society group, the African Initiative Against Abuse of Public Trust, filed a lawsuit at the Federal High Court in Abuja.

The suit, marked FHC/ABJ/CS/866/2025, names AMCON, the Nigerian Electricity Regulatory Commission (NERC), BPE, and IBEDC as defendants.

The CSO alleged that the sale of the 60 percent stake was “secretive and illegal,” and claimed the $62 million figure attached to the transaction represented a gross undervaluation.

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In its filing, the African Initiative argued that the government stood to lose $107 million from the deal when compared with the $169 million paid for the same stake during the 2013 privatisation exercise.

The group described the transaction as a violation of public trust and transparency principles.

Despite the legal challenge, AMCON insists that it followed due process in the transaction and remains optimistic that the sale will hold.

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Alake stated that the corporation is ready to respond to all legal matters arising from the deal and reaffirmed that the handover to the new owners will proceed.

Observers say the Ibadan electricity company sale signals renewed momentum in the government’s efforts to restructure the power sector, though concerns around transparency and valuation continue to dominate public discourse.

Also read: Abia Assumes Electricity Market Regulation

As legal battles unfold and regulatory scrutiny intensifies, stakeholders will be watching closely to see how this landmark transaction reshapes ownership dynamics within Nigeria’s fragile electricity distribution landscape.

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Maresca Says Man City Unity Grows Amid Financial Case

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Maresca says Man City unity grows amid the club’s financial case as the manager focuses on results ahead of Saturday’s Premier League clash with Ipswich.

Manchester City manager Enzo Maresca has said the club’s players, supporters and leadership have become more united amid the Premier League financial case, speaking at a pre-match press conference in Manchester on Friday, 16 October 2026, ahead of Saturday’s league meeting with Ipswich Town.

Also read: NPFL Suspends Fan Over Alleged Threats to Away Teams

Maresca said he was not personally troubled by the controversy, arguing that the team had little control over the proceedings and should concentrate on performances on the pitch.

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“Since the noise, from my personal point of view, I can see the fans, the club, the team more together, for sure,” Maresca said.

His comments come as City continue their Premier League campaign under the scrutiny of a significant disciplinary case.

An independent commission found the club guilty of multiple breaches of the league’s financial regulations, following allegations concerning its financial reporting and commercial arrangements between 2009 and 2018.

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Manchester City have rejected the findings and appealed the decision, maintaining that they have evidence to challenge the ruling. The appeal means the dispute remains unresolved, with the eventual outcome potentially carrying significant consequences for the club.

For now, Maresca has sought to keep the focus on football, presenting the team’s response to the controversy as a matter of discipline and collective responsibility rather than public argument.

“There is noise around the club but we need to try to make our noise,” he said. “That means win at Anfield, try to win tomorrow against Ipswich. This is the way we can make our noise. A different kind of noise; we’re not able to control that.”

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City’s recent results have offered both encouragement and a reminder of the demands of competing across several fronts.

The club recorded a 3-0 Premier League victory over Liverpool at Anfield before suffering a 4-2 defeat by Paris Saint-Germain in the Champions League on Wednesday.

Maresca described the European loss as a learning opportunity, saying City had struggled to maintain their balance after conceding twice in quick succession.

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He nevertheless pointed to the response after half-time as evidence that the players could recover from difficult spells.

The defeat has added importance to Saturday’s meeting with Ipswich, as City look to maintain their domestic momentum while managing the demands of a busy schedule.

Asked how he was coping with the attention surrounding the financial proceedings, Maresca was direct.

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“I’m very happy. I don’t feel any kind of stress about the outside situation because it’s something I don’t control. I just focus on how we can try to win the next games,” he said.

The manager also indicated that he trusted the club’s leadership and had discussed the case with officials. However, he preferred to wait for the legal process to reach an outcome before drawing conclusions about the matter.

The independent commission’s findings have intensified scrutiny of City’s financial conduct, with the case involving alleged breaches over a nine-season period.

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The commission found the club guilty of 114 of the 115 charges relating to financial misconduct and associated failures to comply with the Premier League’s investigation, according to reports on the ruling.

City have appealed and continue to contest the findings. The distinction between the commission’s conclusions and the club’s position remains central to the ongoing dispute.

The case has also renewed debate about financial regulation in English football, including the effectiveness of oversight and the consequences clubs may face when they breach competition rules.

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Any eventual sanctions will depend on the relevant proceedings and their outcome.

Against that background, Maresca’s emphasis on unity reflects the club’s immediate priority of sustaining results while the case progresses.

His comments do not resolve the questions raised by the commission, but they indicate how he intends to manage the situation within the dressing room.

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Saturday’s fixture presents a further test. Ipswich have had a full week to prepare, while City return to domestic action after their midweek European commitment.

Maresca acknowledged that the difference in preparation time could make the contest demanding.

A victory would give City the opportunity to extend their Premier League winning run to seven matches, reinforcing their position near the top of the table.

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The manager’s challenge is to ensure that the off-field controversy does not distract from the consistency required over a long season.

For supporters, the coming weeks will bring two parallel developments: City’s pursuit of domestic and European success, and the progress of the financial appeal.

The club’s results may shape the mood around the team, but the disciplinary proceedings will ultimately be determined by the relevant legal and regulatory process.

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Maresca’s message was that City should concentrate on the part of the situation they can influence.

Also read: NPFL Suspends Fan Over Alleged Threats to Away Teams

With Ipswich next on the schedule, the immediate measure of that approach will be the team’s performance on the pitch, while the broader questions surrounding the club’s financial conduct remain outstanding.

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