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IBEDC Allays Workers’ Fears, Assures Of Job Security

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The chief operating officer, COO of the Ibadan Electricity Distribution Company(IBEDC), Engr. John Ayodele, has allayed fears that might be created by the sudden takeover of the power distribution company by the Assets Management Corporation of Nigeria (AMCON), over alleged insolvency.

In a memo to members of staff intimating them of the development, yesterday, Ayodele noted the company fell under receivership by a September 8, 2021 Federal High Court judgment.

The judgment, he said, has granted preservative orders in favour of AMCON.

He explained the government corporation has appointed a lawyer to serve in the receivership action.

The COO, further disclosed that the receiver manager arrived on Thursday January 20, to take charge formally, hinting that he already held a meeting with the management staff.

Ayodele, however, allayed fears over the development and assured staff of job security.

The memo reads: “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 | appeal that we continue to remember IBEDC in our prayers.”

IBEDC distributes electricity to consumers in Oyo, Osun, Ogun and Ondo as well as some parts of Ekiti and Kwara States.

Recall that the Nigerian Electricity Regulatory Commission (NERC) in an order on June 19, 2018, directed IBEDC to commence the process of dissolution of its Board within 21 days period, citing alleged delay in the repayment of some loans by IBEDC investors.

The loan was granted to IBEDC from funds released to all DisCos by the CBN under the Nigeria Electricity Market Stabilisation Funds (NEMSF) for the purpose of improving the networks and reducing aggregate technical, commercial and collection losses

The IBEDC directors, led by Tunde Ayeni, however, responded swiftly to the allegation, stating that it has lived up to its financial commitments to IBEDC, disclosing that as at Thursday 14 June 2018, it had paid its monthly commitment up to date.

In a bid to resolve the matter once and for all, the aggrieved directors sued NERC for its decision to suspend them from the Board of IBEDC.

An Abuja Federal High Court on Friday, July 10, 2020, set aside the order of NERC removing the Tunde Ayeni-led Board of Directors of the Ibadan, IBEDC.

Also, AMCON, had in October 2021, appointed itself as receiver/manager over all assets of the Integrated Energy Distribution and Marketing Limited, core investor in IBEDC, by virtue of the Loan Purchase and Limited Servicing Agreement executed with Polaris Bank Limited dated 30th November 2018.

 

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