AMCON Appoints Receiver/Manager Over All Assets Of IEDM, Owners Of Ibadan Disco

The Asset Management Corporation of Nigeria (AMCON) has appointed itself as receiver/manager over all assets of the Integrated Energy Distribution and Marketing Limited, core investor in Ibadan Electricity Distribution Company (IBEDC). The move is within the AMCON Act as amended to do so.

This was confirmed in a public notice, which was published by AMCON across national dailies recently. AMCON said it will act through its Nominee, Mr Osayaba Giwa-Osagie SAN, over the entire undertakings, assets, goodwill of Integrated Energy Distribution and Marketing Limited, including their shares and interests in related companies and entities, monies kept in any bank in Nigeria.

In the publication, AMCON stated, “Take notice that AMCON has pursuant to Section 48 and 61 of AMCON Act 2010 been appointed Receiver/Manager over all the Assets of Integrated Energy Distribution and Marketing Limited as stipulated in the instruments executed in favour of AMCON by virtue of the Loan Purchase and Limited Servicing Agreement executed with Polaris Bank Limited dated 30th November 2018 and a Notice of Appointment of the Receiver/Manager dated August 6th, 2021, which was duly stamped by the Commissioner for Stamp Duties.

“In circumstance, AMCON has appointed itself as the Receiver/Manager and will act through its Nominee, Mr Osayaba Giwa-Osagie SAN, over the entire undertakings, assets, goodwills of Integrated Energy Distribution and Marketing Limited, including their shares and interests in related companies and entities, monies kept in any bank in Nigeria.”

Last June, Justice Daniel Osiaigor of the Federal High Court, Lagos restrained Integrated Energy Distribution and Marketing Company Limited and Polaris Bank from tampering with funds standing to their credit totaling $6,759,000 (approximately N2.8 billion) or its equivalent in any currency in 25 banks, the Debt Management Office (DMO), and Federal Ministry of Finance.

The Judge, who made the interim order of Mareva Injunction, also held that it would subsist pending the hearing and determination of a motion on notice filed against the firm and Polaris Bank by the United Bank for Africa (UBA). The interim order followed UBA’s June 29 application filed and argued by its counsel, Temilolu Adamolekun, who appeared with Gbenga Akinde-Peters, supported by an affidavit sworn to by Anike Isinguzo and exhibits attached.

Related posts