January 30, (THEWILL) – Many of those who gloated over the misfortune that befell Ibadan Electricity Distribution Company (IBEDC) and by extension, one of its promoters, Tunde Ayeni, may want to discontinue their celebration as the businessman has reportedly regained control of the company from the Assets Management Corporation of Nigeria (AMCON).
Enmeshed in some controversies, Ayeni fought tooth and nail in a space of 24 hours to ensure that what happened to him at the helm of the defunct Skye bank, did not repeat itself in IBEDC. THEWILL recalls that last week, AMCON completed the takeover of Integrated Energy Distribution and Marketing Limited, core investor in IBEDC, for defaulting in its loan repayment. The loan was part of funds released to all DisCos by the Central Bank of Nigeria under the Nigeria Electricity Market Stabilisation Fund for the purpose of improving networks and reducing aggregate technical, commercial and collection losses. This is in addition to a Loan Purchase and Limited Servicing Agreement executed with Polaris Bank Limited in 2018 and an interest-free loan that the board of IBEDC granted to its core investor group, which earned them a 50 million naira fine from the National Electricity Regulation Commission. This was quickly followed by a purported take over by AMCON which appointed Osayaba Giwa-Osagie as it’s receiver/manager.
Unfortunately, Giwa-Osagie turned down the appointment out of deference to late Captain Hosa Okunbo, a co-investor in IBEDC. He had hinged his decision on the fact that he and Okunbo were kinsmen and as a typical Bini man, he did not want to be involved in selling the assets of another Bini man. This prompted AMCON to appoint Kunle Oqunba (SAN) to act as a receiver/manager nominee in the receivership action on January 20. The takeover had barely happened when Engr John Ayodele, the Chief Operating Officer (COO) of IBEDC, in a memo dated January 22, 2022 sent to the staff of the company, confirmed that the investors had resolved “on the way forward with AMCON and status quo ante maintained.”
What this means is that Ayeni can now heave a sigh of relief, which may likely linger as long as he doesn’t continue down the path of taking loans and defaulting in repayment.
Ivory Ukonu is a versatile journalist with many years of experience, with entertainment and society reporting as her area of core competence.
