Connect with us

Headlines

Why AMCON Took Over Ibadan DisCo

Published

 

on

AMCON Takes Over IBEDC Over Debts - Naija News 247

The Assets Management Corporation of Nigeria (AMCON) says it took over control of Ibadan Electricity Distribution Company (IBEDC) Limited over inability of the DisCo to clear its acquisition loan from Skye Bank, now Polaris Bank.

AMCON Takes Over IBEDC Over Debts - Naija News 247
AMCON Takes Over IBEDC Over Debts

IBEDC distributes electricity to consumers in Oyo, Osun, parts of Kwara, Ondo, Ekiti states.

After a court ruling empowering AMCON to take over the asset, IBEDC came under receivership on Thursday, January 20.

The DisCo was acquired by Integrated Energy Distribution and Marketing Limited (IEDML) the same firm that acquired Yola DisCo, all during the 2013 power sector privatisation exercise.

It later returned Yola to the federal government over insecurity issues in the franchise area. It was only in December 2021 that another private firm took over Yola DisCo from the Bureau of Public Enterprises, BPE.

IEDML got 60 per cent stakes in both DisCos to become the core investor.

However, the funding for the assets acquisition were loans taken from banks and have had repayment issues eight years after acquiring IBEDC.

  Heavy security as trial of Adedoyin, six others commences

Just in November, AEDC, another of the 11 DisCos had acquisition loans settlement issues with UBA, promoting UBA to takeover the DisCo in full receivership.

AMCON in a public notice, stated that it had appointed Mr Osayaba Giwa-Osagie SAN to take over the the entire undertakings, assets of IEDM including shares and interests in related companies and entities, and also monies kept in of the 25 banks in Nigeria.

AMCON said it executed the take over of IEDM following a default in a Loan Servicing Agreement executed with Polaris Bank.

“AMCON has pursuant to Section 48 and 61 of AMCON Act 2010 been appointed Receiver/Manager over all the Assets of Integrated Energy Distribution and Marketing Limited as stipulated in the instruments executed in favour of AMCON by virtue of the Loan Purchase and Limited Servicing Agreement executed with Polaris Bank Limited dated 30th November 2018 and a Notice of Appointment of the Receiver/Manager dated August 6th, 2021, which was duly stamped by the Commissioner for Stamp Duties” the statement read.

The Nigerian Electricity Regulatory Commission (NERC) had previously fined IBEDC N50 million for ”its failure to secure a refund of an interest free loan the Board of IBEDC granted to its core investor group.”

  We’ll bring perpetrators of Iwo Road violence to book — Makinde

Also in a memo to the staff by the IBEDC Chief Operating Officer (COO), Engr. John Ayodele, AMCON would not sack the management of IBEDC unlike the AEDC case where the management and board were reconstituted.

“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 I appeal that we continue to remember IBEDC in our prayers,”

Engr. Ayodele stated in the memo.

I've been a freelance web developer and blogger for a while now and have a passion for both. Like most men, I'm a football lover; I prefer playing to watching matches.Personally, I believe with dedication there's no limit to what we can achieve. Yes, we all have the power and ability to do that.

Click to comment

Leave a Reply

Your email address will not be published.

Headlines

Nigeria at high risk of Ebola – NCDC warns

Published

 

on

BREAKING: Nigeria at high risk of Ebola – NCDC warns

Naija News

The Nigeria Centre for Disease Control and Prevention has said that Nigeria is at high risk of Ebola virus disease following the outbreak of the disease in Uganda.

The NCDC, in a release on Tuesday, signed by its Director-General, Dr Ifedayo Adetifa, stated that it was on high alert, adding that “the likelihood of importation of the disease to Nigeria is high due to the increased air travel between Nigeria and Uganda, especially through Kenya’s Nairobi airport, a regional transport hub, and other neighbouring countries that share a direct border with Uganda.”

  Heavy security as trial of Adedoyin, six others commences

According to the NCDC, the ongoing outbreak of Ebola virus disease was caused by the Sudan strain of the Ebola virus in Uganda as declared on September 20, 2022.

Continue Reading

Headlines

Buhari to present 2023 budget to NASS Friday

Published

 

on

BREAKING: Buhari to present 2023 budget to NASS Friday

Naija News

President Muhammadu Buhari will present the N19.76trillion 2023 Appropriation bill before the Senate and the House of Representatives on Friday.

The budget Presentation will take place 10:00am at the temporary chamber of House of Representatives.

The President of the Senate, Senator Ahmad Lawan, read the letter on the budget presentation by President Buhari in Plenary on Tuesday.

  Heavy security as trial of Adedoyin, six others commences

Naija News 247 recalls that the Speaker of the House of Representatives, Femi Gbajabiamila, had said President Buhari is expected to present the 2023 budget to the National Assembly in October.

Gbajabiamila stated this in September when he addressed newsmen shortly after inspecting hearing rooms 028 and 234 of the House, which was expected to serve as the temporary chamber due to the ongoing renovation of the House complex in Abuja.

  We’ll bring perpetrators of Iwo Road violence to book — Makinde

“I am hoping that the budget will be presented latest by the first week of October,” he said.

Details later…

Continue Reading

Headlines

Federal Govt sues Meta, seeks 30bn penalty

Published

 

on

BREAKING: Federal Govt sues Meta, seeks 30bn penalty

Naija News

The Advertising Regulatory Council of Nigeria (ARCON) has lodged a suit at the Federal High Court, Abuja, against Meta Platforms Incorporated (owners of Facebook, Instagram and WhatsApp platforms) and its agent AT3 Resources Limited.

The apex regulatory body for Nigeria’s advertising ecosystem, ARCON, disclosed this in a statement on Tuesday.

According to statement, ARCON is seeking a declaration among others that the continued publication and exposure of various advertisements directed at the Nigerian market through Facebook and Instagram platforms by Meta Platforms Incorporated without ensuring the same is vetted and approved before exposure is illegal, unlawful and a violation of the extant advertising Law in Nigeria.

  Heavy security as trial of Adedoyin, six others commences

ARCON stated that Meta Platforms Incorporated’s continued exposure of unvetted adverts had also led to loss of revenue to the Federal Government.

ARCON is seeking N30bn in sanction for the violation of the advertising laws and for loss of revenue as a result of Meta Incorporated’s continued exposure of unapproved adverts on it’s platforms.

  We’ll bring perpetrators of Iwo Road violence to book — Makinde

The statement read in part, “ARCON reiterates that it would not permit unethical and irresponsible advertising on the Nigeria’s advertising space.”

According to ARCON, the Council is not regulating the online media space. Rather, it’s focus is on advertising and marketing communications on the online platforms in line with its establishment Act.

Continue Reading

Latest Posts

I don’t know Tinubu’s location, but it’s outside Nigeria: Festus Keyamo I don’t know Tinubu’s location, but it’s outside Nigeria: Festus Keyamo
PoliticsOctober 5, 2022

I don’t know Tinubu’s location, but it’s outside Nigeria: Festus Keyamo

Festus Keyamo, spokesman for the All Progressives Congress (APC) presidential campaign council, says the exact whereabouts of the presidential candidate...

Festus Keyamo and Bola Tinubu cycling Festus Keyamo and Bola Tinubu cycling
PoliticsOctober 5, 2022

Tinubu loves cycling; he’s strongest presidential candidate: Festus Keyamo

Bola Tinubu, the presidential candidate of the ruling All Progressives Congress (APC) is best fit for Nigeria’s top job in...

Gov. Soludo denies mocking Obi, says is handiwork of overzealous reporter Gov. Soludo denies mocking Obi, says is handiwork of overzealous reporter
PoliticsOctober 5, 2022

I didn’t ask APGA members to sabotage Peter Obi presidential bid – Soludo

Anambra State governor, Professor Chukwuma Soludo says claims that he directed members of his political party, the All Progressives Grand...

Catholic Father Ejike Mbaka Catholic Father Ejike Mbaka
PoliticsOctober 5, 2022

I didn’t speak against Peter Obi, devil used people to blackmail me: Mbaka

Ejike Mbaka, the former spiritual director of the Adoration Ministry, has denied speaking against Peter Obi, the presidential candidate of...

Phyna speaks on friendship with Amaka (Video) Phyna speaks on friendship with Amaka (Video)
Big Brother NaijaOctober 5, 2022

Phyna speaks on friendship with Amaka (Video)

As congratulatory messages continue to fall in for Phyna, fans are curious about the state of her friendship with Amaka....

Xabi Alonso Xabi Alonso
All Sports NewsOctober 5, 2022

Bayern Leverkusen appoint Ex-Real Madrid star Xabi Alonso new manager

Former Liverpool and Real Madrid midfielder Xabi Alonso has been appointed as the new manager of Bayern Leverkusen following the...

Boxing: World body to allow Russian athletes to compete at events Boxing: World body to allow Russian athletes to compete at events
All Sports NewsOctober 5, 2022

Boxing: World body to allow Russian athletes to compete at events

The International Boxing Association (IBA) on Wednesday said it would allow Russian and Belarusian boxers to compete at the organisation’s...

"I can "I can
Big Brother NaijaOctober 5, 2022

“I can’t confirm that Sheggz and I are still together”

Thousands of hearts have been shattered, following news that BBNaija lovebirds, Bella and Sheggz may not be together anymore. It...

Ukraine joins Spain, Portugal to bid for 2030 World Cup Ukraine joins Spain, Portugal to bid for 2030 World Cup
All Sports NewsOctober 5, 2022

Ukraine joins Spain, Portugal to bid for 2030 World Cup

Ukraine will join Spain and Portugal in a joint bid to host the 2030 FIFA World Cup, the Spanish and...

2023: Why consensus may not work for presidential primary – APC chairman 2023: Why consensus may not work for presidential primary – APC chairman
PoliticsOctober 5, 2022

Adamu meets NWC, APC govs over PCC list saga

The National Chairman of the All Progressives Congress, APC, Abdullahi Adamu, is currently meeting with six governors elected under the...

Trending

Copyright © 2022 Naija News 247 - Breaking Nigeria Newspaper News For Today