The Assets Management Corporation of Nigeria (AMCON) has assumed control of the Ibadan Electricity Distribution Company(IBEDC) Ltd over insolvency.
The Chief Operating Officer (COO) Engineer John Ayodele confirmed the development in a memo to members of staff.
Ayodele, in the January 20 memo reported by The Nation, said the company fell under receivership by a September 8, 2021, Federal High Court judgment.
He said the judgement granted preservative orders in favour of AMCON.
He explained the government corporation has appointed a lawyer to serve in the receivership action.
He disclosed that the receiver 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.