IBEDC Gets New Core Investors 

Kemi Olaitan in Ibadan

The 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 new Chairman of the Board, Tunde Afolabi, made the disclosure, at a press conference held at the company’s corporate head office in Ibadan.

The newly constituted Board chaired by Afolabi include Mr. Ayodeji Ariyo Gbeleyi (with Mr. Michael Magaji as Alternate Director); Dr. Taiwo Afolabi; Prof. Oladapo Afolabi; Mr. Tunde Fayinka; Mr. Oluwaseyi Akinwale and Mr. Adeolu Ijose.

According to Afolabi, the emergence of a new core investor and the reconstituted Board marks a significant milestone in the company’s corporate journey and signals a renewed strategic direction focused on stability, continuity, and sustainable growth.

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

Afolabi while addressing customers directly, assured that there would be no avoidable service disruptions as a result of the transition, stating that all IBEDC offices will remain open, while field operations will continue uninterrupted.

“The new core investor 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”, he stated.