The Assets Management Corporation of Nigeria (AMCON) has resumed the sale of its assets, sealing a major deal with the sale of the Ibadan Electricity Distribution Company (IBEDC) for N100 billion.
This comes after AMCON halted asset sales for over 18 months as part of efforts to review and restructure its recovery process.
Speaking during a media interactive session in Lagos on Thursday, AMCON Managing Director, Mr. Gbenga Alade, confirmed that the sale of IBEDC has been concluded, with the new deal bringing in almost double the amount it was previously valued at.
“For about one and a half years, AMCON did not sell any asset. But we resumed recently, and IBEDC has been sold to the preferred bidder for almost twice its earlier price. The process was transparent,” Alade said.
IBEDC is one of five electricity distribution companies under AMCON’s management, alongside Abuja, Benin, Kaduna, and Kano distribution companies.
Alade added that Arik Air, currently in receivership, has also started recording profits, emerging as Nigeria’s second-largest airline last year. He also noted that Aero Contractors remains the only airline in the country with a functional Maintenance, Repair, and Overhaul (MRO) facility.
As part of its renewed recovery strategy, AMCON has contracted foreign asset tracers to locate properties hidden abroad by debtors.
Alade assured that all asset sales would now reflect true market value, insisting that the corporation would operate with integrity and in line with its legal mandate.
He further accused some debtors of deliberately damaging the economy by taking loans without the intention to repay, stating that many of them currently occupy key positions in government, making recovery efforts more complex.
“We were aware of these trends before we assumed office, but we remain focused. Our appointment is a call to serve, and we will do so with sincerity and commitment,” he said.
