Although the Asset Management Company of Nigeria (AMCON) cited the indebtedness of Ibadan Electricity Distribution Company’s core investors, Integrated Energy Distribution and Marketing Limited (IEDM), to Polaris Bank as the reason for its takeover of IBEDC, the real cause of the company’s current quandary was the zero-sum game embarked upon by the two principal partners of the company. Sulaimon Olanrewaju reports. Barely two months after the Abuja Electricity Distribution Company (AEDC) was taken over by a bank sequel to its inability to live up to its debt repayment terms, the…
Read MoreIBEDC: How boardroom squabbles brought down a high flier
