The Asset Management Corporation of Nigeria, AMCON, has taken over Ibadan Electricity Distribution Company, IBEDC, an asset owned by Integrated Energy Distribution and Marketing, IEDM, Limited, the core investor.
In a public notice, AMCON stated that it had appointed Osayaba Giwa-Osagie to take over 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 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 reads.
Sequel upon take over, the bank had deployed security men to take over strategic locations of the company to avoid break down law and order.