A Federal High Court has transferred the control of the Ibadan Electricity Distribution Company Limited to the Assets Management Corporation of Nigeria as a result of the insolvency of the former.
John Ayodele, Chief Operating Officer of the IBEDC, in a memo to the staff of the company on the development, urged the staff to remain calm.
The memo, dated January 20, quoted Ayodele as saying that the right of control had been ceded to AMCON on the strength of a September 8, 2021 Federal High Court judgment.
The memo stated that the judgment granted preservative orders in favour of AMCON.
It stressed that following the development, the asset management corporation had appointed a lawyer to serve in the receivership action.
The receiver arrived on Thursday, January 20, to take charge formally and held a meeting with the management staff of the IBEDC.
The memo, quoted Ayodele as allaying the fears of the personnel of the company on the development and assured them of job security.
It read in parts, “Further to the judgement wherein the Federal High Court on the 8th of September, 2021 granted preservative orders in favour of Asset Management Corporation, (being the Receiver/Manager of Integrated Energy Distribution and Marketing Limited); the court has appointed Mr Kunle Oqunba (SAN) to act as Receiver/Manager Nominee in the receivership action.
“Based on the foregoing, the Receiver/Manager came in today (Thursday) 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 I appeal that we continue to remember IBEDC in our prayers.”
