A Federal High Court has fixed September 9, 2025 to hear a lawsuit challenging AMCON’s proposed sale of a 60% stake in Ibadan Electricity Distribution Company (IBEDC) for $62 million – a transaction civil society groups allege could cost Nigeria $107 million in losses.
The African Initiative Against Abuse of Public Trust filed the suit (FHC/ABJ/CS/866/2025) on May 5, arguing:
The stake was originally valued at $169 million during 2013 privatisation
AMCON holds the shares in trust for Nigerians and cannot sell below this benchmark
The current “secretive” deal violates procurement laws and lacks transparency
Key Defendants include AMCON (Asset Management Corporation of Nigeria), BPE (Bureau of Public Enterprises), NERC (Nigerian Electricity Regulatory Commission) but IBEDC was not represented at Thursday’s hearing.
Plaintiff’s Demands that the Court should Halt the sale immediately, declare AMCON legally bound to protect public interest, Set $169 million as minimum sale price, Nullify any sale below valuation and Restrain BPE/NERC from approving the transaction.
At Thursday’s hearing: Chibuzor Ezike (plaintiff’s counsel) confirmed receipt of defendants’ processes, defence team included Lukman Fagbemi (SAN) for AMCON.
Justice Emeka Nwite adjourned to September 9 for substantive hearing.
The case could set a precedent for how Nigeria manages distressed assets in critical sectors, with the power distribution company serving over 1.3 million customers in Oyo, Ogun, Osun, and Kwara states.
The outcome may determine whether Nigeria recovers full value from privatised utilities or absorbs massive losses in the power sector.
