January 23, (THEWILL) – On Friday January 21, the Asset Management Corporation of Nigeria affirmed its take over of Integrated Energy Distribution and Marketing Limited, core investor in Ibadan Electricity Distribution Company for defaulting in their loan repayment.
IBEDC distributes electricity to consumers in Oyo, Osun, Ogun, and Ondo as well as some parts of Ekiti and Kwara States.
The loan was funds released to all DisCos by the Central Bank of Nigeria under the Nigeria Electricity Market Stabilisation Funds for the purpose of improving networks and reducing aggregate technical, commercial and collection losses. This is in addition to a Loan Purchase and Limited Servicing Agreement executed with Polaris Bank Limited in 2018.
Following IDEML’s inability to repay the loans, the National Electricity Regulation Commission ordered IBEDC to commence the process of dissolving its Board within a 21-day period. NERC even fined IBEDC 50 million naira for its failure to secure a refund of an interest-free loan the board of IBEDC granted to its core investor group.
The two major investors in IDEML are money bags, Tunde Ayeni and late Captain Hosa Okunbo. Incidentally, both men feuded till Okunbo drew his last breath over accusations that one cheated and ousted the other over another business investment. Ironically too, Ayeni was removed as chairman of defunct Skye Bank for allegedly using his position to obtain loans above regulatory limits, thereby running the bank aground.
The accusation that IBEDC defaulted in it’s loan payment didn’t sit well with Tunde who countered NERC, insisting that IBEDC had completely fulfilled its financial commitments. Not done, the directors of the company decided to sue NERC for asking that they be removed from the board. They succeeded in getting a court order asking NERC to vacate that order.
With the takeover now by AMCON following a September 2021 Federal High Court preservative order in it’s favour, AMCON decided to appoint Osayaba Giwa Osagie as it’s receiver/manager.
Unfortunately, THEWILL gathered that the respected lawyer turned down the appointment out of deference to Okunbo. Giwa-Osagie according to findings, hinged his decision on the fact that he and Okunbo are kindreds.
Like the late Okunbo, he is a Bini man from Edo State and allegedly doesn’t want to be involved in selling the assets of another Bini man who is deceased, especially because, Okunbo while alive, was and is still being revered even in death.
AMCON was now forced to appoint Kunle Oqunba Esq. SAN to act as receiver/manager nominee in the receivership action.
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