Category: Local

Abuja, Nigeria — The Asset Management Corporation of Nigeria (AMCON) has officially confirmed the sale of the Ibadan Electricity Distribution Company (IBEDC) for ₦100 billion, marking a major step in the federal government’s ongoing power sector restructuring. The Managing Director/CEO of AMCON, Gbenga Alake, made the disclosure during a media parley with journalists on Thursday, where he revealed that the deal had been finalised and the preferred bidder would soon take over operations of the utility firm. Alake explained that while AMCON met a prior deal upon assuming control of IBEDC, the offer was renegotiated due to concerns over valuation. “When we came in, it had already been sold. But we insisted the price wasn’t right. We asked them to submit a new offer,” Alake stated.“Eventually, we secured almost double the amount initially proposed for the sale.” Despite the successful transaction, the deal has sparked legal controversy, with multiple parties filing lawsuits, including civil society organisations questioning the legitimacy and transparency of the sale. In May, the African Initiative Against Abuse of Public Trust, a civil society group, dragged AMCON, NERC, BPE, and IBEDC before the Federal High Court in Abuja (Suit No: FHC/ABJ/CS/866/2025), alleging the sale of a 60% stake in IBEDC for $62 million was secretive and grossly undervalued. The group claimed that the current transaction could result in a $107 million loss when compared to the $169 million paid for the same stake during the 2013 privatisation exercise. Alake, however, stood by the process, assuring that due diligence was conducted and that AMCON is prepared to defend the transaction in court. “We believe we did the right thing. The sale has been completed. Any issues in court will be addressed,” he said. The sale of IBEDC is part of a broader federal government initiative announced in April 2024 to privatise five electricity distribution companies currently under AMCON or bank control, including Abuja, Benin, Kaduna, and Kano DisCos. This move is aimed at injecting fresh capital and expertise into Nigeria’s struggling power sector, but stakeholders continue to raise concerns about transparency, fair valuation, and regulatory oversight.

In a major political shift ahead of the 2027 general elections, the entire leadership of the African Democratic Congress (ADC) across Nigeria’s 36 states has officially resigned to allow a smooth handover of the party’s structure to a new opposition coalition. A key figure within the outgoing leadership, while addressing reporters, said the move is aimed at strengthening the united front against the ruling All Progressives Congress (APC) and restoring Nigeria’s democratic hopes. “I will now speak as a floor member. My job will not end until we sing the national anthem in the Villa. That will be the real hope,” the leader stated. “Nigeria has been in the ICU. Lives are being lost every day.” The mass resignation is widely seen as part of the broader political realignment following the announcement of former Senate President David Mark as interim national chairman of the coalition. The alliance aims to unseat President Bola Tinubu in the 2027 polls.

In a bold move to modernize Nigeria’s military logistics and embrace sustainable energy, the Minister of State for Defence, Dr. Bello Muhammad Matawalle, has commissioned a fleet of Compressed Natural Gas (CNG) vehicles for the Armed Forces of Nigeria. The unveiling ceremony, held on Tuesday at the Mogadishu Cantonment in Abuja, is part of President Bola Tinubu’s broader Renewed Hope Agenda, with a focus on clean energy reform and operational efficiency across government sectors. Speaking during the event, Matawalle described the development as “a transformation of our military into a model of innovation and sustainability.” He emphasized that the initiative goes beyond merely introducing new vehicles—it represents a shift toward reducing reliance on fossil fuels, lowering carbon emissions, and cutting operational costs. Accompanied by top defence and energy officials, including Permanent Secretary Ambassador Gabriel Aduda, Chief of Defence Staff General Christopher Musa, and Executive Chairman of the Presidential CNG Initiative Barrister Ismael Ahmad, the Minister personally inspected and test-drove one of the CNG vehicles. Matawalle stressed the need to establish CNG refueling stations at all military bases to ensure seamless operations and urged the training of military personnel in the technical maintenance and operation of the CNG fleet. He added that the transition to clean energy would enhance the military’s morale and capability while aligning with Nigeria’s climate commitments. The Minister also reassured the public of the military’s unwavering determination to defeat insurgency and deliver national security. In closing, he called on Nigerians to continue supporting the Armed Forces with prayers and reiterated the Federal Government’s pledge to foster a greener and more secure nation. Ask ChatGPT