By John Umeh
In a major development within Nigeria’s power sector, the Asset Management Corporation of Nigeria (AMCON) has confirmed the sale of the Ibadan Electricity Distribution Company (Ibadan DisCo) for a reported sum of ₦100 billion. The move marks a significant milestone in AMCON’s ongoing efforts to restructure and offload distressed assets acquired during its intervention in Nigeria’s financial and infrastructure sectors.
The Ibadan DisCo, one of the largest electricity distribution companies in Nigeria, serves millions of customers across Oyo, Ogun, Osun, Kwara, parts of Ekiti, Kogi, and Niger States. It was taken over by AMCON in 2022 following prolonged financial instability, mounting debt obligations, and failure to meet market performance targets by its former core investors.
According to sources within AMCON, the sale was part of a strategic plan to return the DisCo to private hands, ensuring better capital injection, improved efficiency, and enhanced service delivery. The ₦100 billion transaction was reportedly concluded with a consortium of investors, whose identities have not yet been officially disclosed, but who are said to have a strong background in energy, finance, and infrastructure.
The new owners are expected to implement aggressive turnaround strategies aimed at tackling long-standing challenges within the DisCo, including infrastructure decay, power losses, metering gaps, and poor customer service. Industry observers believe the acquisition could bring a much-needed breath of fresh air to one of Nigeria’s most critical but underperforming power distribution zones.
Reacting to the deal, a senior official of the Bureau of Public Enterprises (BPE) lauded the sale as “a decisive step toward restoring efficiency and investor confidence in Nigeria’s electricity sector.” The Nigerian Electricity Regulatory Commission (NERC) also expressed optimism, urging the new investors to prioritize transparency, investment in technology, and consumer satisfaction.
AMCON, established in 2010 to stabilize the Nigerian banking sector, has held control of several strategic assets in recent years. The sale of Ibadan DisCo is one of its most high-profile divestments, symbolizing a shift toward market-driven power sector reforms and private sector-led growth.
With the new acquisition now finalized, stakeholders and consumers alike will be watching closely to see if the fresh management can turn around the fortunes of the Ibadan DisCo and deliver on the promises of consistent and reliable electricity—something that has long eluded many Nigerians.
As the power sector braces for renewed activity, the ₦100 billion Ibadan DisCo sale could become a model for future transitions across Nigeria’s struggling utility landscape.
