IBEDC Reaffirms Stability Amid Board Changes as AMCON Nominees Resign

Assures customers of uninterrupted operations and renewed capital investment drive

Ibadan Electricity Distribution Company (IBEDC) has announced the reconstitution of its Board of Directors following the resignation of three nominees of the Asset Management Corporation of Nigeria (AMCON).

The announcement was made at a press conference held at the company’s corporate head office in Ibadan by the new Chairman of the Board, Chief Tunde J. Afolabi, MFR.
Chief Afolabi now chairs the newly constituted Board. Other members are Mr. Ayodeji Ariyo Gbeleyi, with Mr. Michael I. Magaji serving as Alternate Director; Dr. Taiwo Afolabi, MON, CON; Prof. Oladapo Afolabi, OON, CFR; Mr. Tunde Fayinka; Mr. Oluwaseyi Akinwale; and Mr. Adeolu Ijose.

Speaking at the briefing, the Chairman described the emergence of a new core investor and the reconstituted Board as a significant milestone in the company’s corporate journey, signaling a renewed strategic direction anchored on stability, continuity, and sustainable growth.

“This transition represents renewal, not rupture. It represents investment, not instability.

It represents partnership, not division,” Afolabi said. “Our goal is to strengthen governance, enhance operational performance, deepen capital investment, and deliver improved service to customers across our franchise areas.”

Established in November 2013 following Nigeria’s power sector privatization, IBEDC is licensed to distribute electricity across Ogun, Oyo, Osun and Kwara states, as well as parts of Ekiti, Kogi and Niger states.

The company operates the largest distribution network and serves the highest customer population within Nigeria’s electricity distribution landscape.

Addressing customers, the Chairman assured that the transition would not result in avoidable service disruptions.

He stated that all IBEDC offices would remain open while field operations continue without interruption.

Chief Afolabi disclosed that the new core investor has committed to sustained capital investments, including feeder rehabilitation and expansion, transformer upgrades and replacements, injection substation improvements, and the replacement of obsolete network components.

The company also plans to accelerate the integration of advanced digital and operational technologies.

These include enhanced outage management systems, strengthened billing platforms, expanded smart metering deployment, and digitized customer engagement channels aimed at improving transparency and service responsiveness.
On workforce stability, Afolabi emphasized that there would be no job losses as a direct result of the transition.

The Board, he added, remains committed to employee welfare through improved work tools, modern safety equipment, and technology upgrades to boost field efficiency while maintaining high performance standards.

The Board further pledged proactive and structured engagement with regulators, including the Nigerian Electricity Regulatory Commission (NERC) and the Nigerian Electricity Management Services Agency (NEMSA), reaffirming its commitment to regulatory compliance, strengthened governance frameworks, transparency, and accountability.

IBEDC also assured vendors and suppliers of structured and timely payment cycles, recognizing their critical role in maintaining network stability.

With the new Board in place, the company said it is positioned to deepen operational excellence, strengthen financial sustainability, and advance its ambition of becoming Nigeria’s leading power distribution company.