The assets of Ibadan Electricity Distribution Company (IBEDC) have reportedly been taken over by the Asset Management Corporation of Nigeria (AMCON) for defaulting on a loan facility. Integrated Energy Distribution and Marketing (IEDM) Limited, the core investor of IBEDC, and other investors own 60 per cent of the utility company while the government controls 40 per cent of the shares. The Nigerian Electricity Regulatory Commission (NERC) had previously fined IBEDC ₦50 million for failure to secure a refund of an interest-free loan the board of the company granted to its core investor group. In a circular purportedly issued by the