IBEDC reconstitutes board, secures new core investor to drive service improvement

2026-02-25 - 12:26

By Adeola Badru The Ibadan Electricity Distribution Company (IBEDC) has announced the appointment of a new core investor and the restructuring of its Board of Directors following the exit of three nominees of the Asset Management Corporation of Nigeria. The move is aimed at strengthening governance, attracting fresh capital, and enhancing service delivery across the company’s franchise areas. The development was unveiled at a press conference at IBEDC’s corporate headquarters in Ibadan, where the newly appointed Chairman, Chief Tunde Afolabi, described the transition as a critical milestone for the company’s long-term stability and growth. Other board 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. Chief Afolabi emphasized that the changes represent continuity rather than disruption: “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.” He assured customers that operations would continue without disruption, with all IBEDC offices open and field services ongoing. The new core investor has committed to capital injections for feeder rehabilitation, transformer upgrades, substation improvements, and systematic replacement of obsolete network components. These measures aim to improve supply reliability, reduce technical losses, and enhance infrastructure across IBEDC’s coverage areas. The company also plans to accelerate digitalisation, including upgraded outage management systems, enhanced billing platforms, expanded smart meter deployment, and digitized customer engagement channels to improve transparency and responsiveness. On workforce concerns, Chief Afolabi confirmed that the transition would not lead to job losses. The Board pledged to invest in employee welfare, modern tools, safety equipment, and technology upgrades to boost operational efficiency. IBEDC reaffirmed its commitment to regulatory compliance with the Nigerian Electricity Regulatory Commission and Nigerian Electricity Management Services Agency, and to timely payment of vendors and suppliers crucial to service delivery. Established in November 2013 following Nigeria’s power sector privatisation, IBEDC distributes electricity across Ogun State, Oyo State, Osun State, and Kwara State, as well as parts of Ekiti State, Kogi State, and Niger State. “Our focus is clear. We are committed to powering progress across our franchise areas with unity, confidence, and innovation,” Afolabi concluded. The company says the board restructuring and new investor partnership position IBEDC to consolidate operational excellence, strengthen financial sustainability, and enhance its role as a leading electricity distributor in Nigeria.