Ibadan Electricity Distribution Company (IBEDC) has announced the emergence of a new core investor and 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, Tunde J. Afolabi, MFR.
The newly constituted Board is chaired by Chief Afolabi. Other members include Mr. Ayodeji Ariyo Gbeleyi (with Mr. Michael I. Magaji as Alternate Director), Dr. Taiwo Afolabi MON, CON; Prof. Oladapo Afolabi OON, CFR; Mr. Tunde Fayinka; Mr. Oluwaseyi Akinwale; and Mr. Adeolu Ijose
Describing the development as a significant milestone in the company’s corporate journey, the Chairman said the transition signals 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,” he stated. “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 there would be no avoidable service disruptions as a result of the transition. He said all IBEDC offices would remain open and field operations would continue uninterrupted.
The new core investor, he disclosed, has committed to sustained capital investments in feeder rehabilitation and expansion, transformer upgrades and replacements, injection substation improvements and the replacement of obsolete network components to improve supply reliability.
Chief Afolabi also hinted that funds would be injected into redundant hydro power plants to bring them back to life and boost electricity supply to the public. He added that the Board would actively engage stakeholders across its franchise areas while equipping staff with modern tools and improved systems to enhance operational efficiency and service delivery.
In addition, IBEDC plans to accelerate the integration of advanced digital and operational technologies, including enhanced outage management systems, strengthened billing platforms, expanded smart metering deployment and digitized customer engagement channels aimed at improving transparency and responsiveness.
On workforce stability, the Chairman emphasized that there would be no job losses as a direct result of the transition. He reaffirmed the Board’s commitment to improved employee welfare, provision of modern work tools and safety equipment, and technology upgrades to support field efficiency, while maintaining high performance standards.
The Board also pledged proactive and structured engagement with regulators, including the Nigerian Electricity Regulatory Commission (NERC) and the Nigerian Electricity Management Services Agency (NEMSA), underscoring its commitment to full regulatory compliance, strengthened governance frameworks, transparency and accountability.
Furthermore, IBEDC reaffirmed its commitment to structured and timely payment cycles for vendors and suppliers, recognizing their critical role in maintaining network stability.
Dignitaries at the event included former Minister of Police Affairs, Alhaji Jelili Adesiyan; Dr. Taiwo Afolabi; Chief Michael Magaji; Prof. Oladapo Afolabi; Dr. Tunde Fayinka; Prince Rotimi Oyekan, among others.
With the new Board in place, IBEDC said it is poised to deepen operational excellence, strengthen financial sustainability and position itself firmly on the path to becoming Nigeria’s leading power distribution company, powering progress across its franchise areas with unity, confidence and innovation.
