The Asset Management Corporation of Nigeria has confirmed the sale of the Ibadan Electricity Distribution Company for N100bn, even as it blamed recalcitrant bank debtors for sabotaging the nation’s economy.
The Managing Director and Chief Executive Officer of AMCON, Gbenga Alade, disclosed this during an interactive session with journalists in Lagos on Thursday.
“Today, I announce to you that Ibadan DisCo has been sold. When we came in, it had already been sold, but we renegotiated the price and got almost double of what it was initially going to be sold for,” Alade said.
The PUNCH recalls that in January 2022, AMCON took over Ibadan DisCo following a judgment by a Federal High Court on September 8, 2021, over default in the Loan Service Agreement.
But this is still being contested in court.
Speaking on the transaction’s legal implications, he added, “We have sold it, and whatever is still happening in court, we will face it.”
He noted that AMCON would soon hand over the power firm to the rightful bidder.
Alade decried the actions of some high-profile obligors of AMCON, many of whom, he said, never intended to repay their debts.
“Dealing with AMCON’s recalcitrant debtors is not easy, but dealing with such debtors who are in government, holding very high positions across different decision-making portfolios in governance, is one of the most challenging tasks I have ever faced in my career,” he lamented.
He accused such debtors of causing significant damage to Nigeria’s economy, saying, “These obligors never meant to repay the loans they took. Unfortunately for them, we were warned of this trend before assuming office. Our appointment is a call to serve the motherland, and we will deliver with humility and sincerity of purpose.”
The AMCON boss urged the media not to fall for the misleading narratives being spun by debtors in a bid to evade accountability.
Please, no matter the skewed narration these obligors give you in your different newsrooms, kindly take it with a pinch of salt,” he told journalists.
Alade also confirmed that the embargo placed on asset sales by the previous administration had been lifted following the inauguration of a new AMCON board, enabling the agency to proceed with high-profile divestments worth several billions of naira.
He said, “The last time we met, we told you there was a ban on asset sales. But today, with the Board now in place, the sale of assets by AMCON has resumed. Consequently, we have sold some high-profile assets running into several billions of naira.”
On the aviation front, Alade noted significant progress at Arik Air (in Receivership), which he said was returning to profitability. He also hailed the transformation of Aero Contractors under AMCON’s management.
“Aero Contractors is delivering massive value in the country. As of today, Aero is the only airline in Nigeria with an MRO (Maintenance, Repair and Overhaul facility), and that can only be the result of effective and prudent management,” he said.
He further disclosed that AMCON had engaged international asset tracers to locate and recover hidden assets of chronic debtors across the globe.
On the divestment of IBEDC, Alade said the process was nearing completion and that the corporation would soon hand over the power utility to the preferred bidder.
Meanwhile, he reaffirmed AMCON’s commitment to its recovery mandate and acknowledged the backing of key government institutions.
“Our recovery efforts have been strongly supported by President Bola Ahmed Tinubu, the judiciary, the Central Bank of Nigeria, the Ministry of Finance, the Attorney General, the EFCC, the ICPC, the National Assembly, the Police, and other sister agencies,” he said.
Established in 2010, AMCON was tasked with purchasing toxic bank assets to stabilise Nigeria’s financial system by managing non-performing loans, thereby restoring depositor confidence and preserving systemic integrity.
Alade stressed that the Corporation remains committed to its mandate, pledging to operate with transparency, patriotism, and respect for the rule of law.
