IBEDC Gets New Core Investor, Reconstitutes Board, Unveils Strategic Growth Plan
•By OYENIYI AWOJOODU,
IBADAN – 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 headquarters in Ibadan, where the newly appointed Chairman of the Board, Chief Tunde J. Afolabi, MFR, formally unveiled the new leadership structure and outlined the company’s strategic direction.
The reconstituted Board is chaired by Chief Afolabi and comprises 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 major milestone in IBEDC’s corporate journey, the Chairman said the transition signals a renewed focus on stability, continuity and sustainable growth.
“This transition represents renewal, not rupture. It represents investment, not instability. It represents partnership, not division,” Afolabi 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 one of the largest electricity distribution networks in the country, serving a vast customer base within Nigeria’s power distribution landscape.
Addressing customers, the Chairman assured that the leadership transition would not result in avoidable service disruptions.
He emphasized that all IBEDC offices would remain open, with field operations continuing uninterrupted.
According to him, the new core investor has committed to sustained capital investments targeted at feeder rehabilitation and expansion, transformer upgrades and replacements, injection substation improvements, and the replacement of obsolete network components to enhance supply reliability.
Chief Afolabi further disclosed plans to inject funds into redundant hydro power plants to restore them to operation and boost electricity supply.
As part of its strategic direction, IBEDC plans to accelerate the integration of advanced digital and operational technologies.
These include improved outage management systems, strengthened billing platforms, expanded smart metering deployment, and digitized customer engagement channels to enhance transparency and responsiveness.
The Board also pledged active engagement with stakeholders across its franchise areas, alongside equipping staff with modern tools and improved systems to drive operational efficiency and service delivery.
On workforce matters, the Chairman emphasized that the transition would not result in job losses.
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 new Board also pledged structured engagement with industry regulators, including the Nigerian Electricity Regulatory Commission (NERC) and the Nigerian Electricity Management Services Agency (NEMSA), underscoring its commitment to regulatory compliance, transparency and accountability.
Furthermore, IBEDC reaffirmed its commitment to timely and structured payment cycles for vendors and suppliers, acknowledging their critical role in maintaining network stability.
Dignitaries present at the event included former Minister of Police Affairs, Alhaji Jelili Adesiyan; Dr. Taiwo Afolabi; Chief Michael Magaji; Prof. Oladapo Afolabi; Dr. Tunde Fayinka; and Prince Rotimi Oyekan, among others.
With the new Board now in place, IBEDC expressed confidence in its readiness to deepen operational excellence, strengthen financial sustainability and position itself as Nigeria’s leading electricity distribution company.