FIC Report (Oyo State) – The Ibadan Electricity Distribution Company (IBEDC) has welcomed a new core investor and performed reconstitution of its Board of Directors to accommodate the new investor, and following the resignation of three nominees of the Asset Management Corporation of Nigeria (AMCON).
The development was formally announced at a press briefing held today at the company’s headquarters in Ibadan, where the newly appointed Chairman, Chief Tunde J. Afolabi, MFR, unveiled the new leadership structure and laid out an ambitious roadmap for growth and operational stability.
The reconstituted Board is chaired by Chief Afolabi and other members include Mr. Ayodeji Ariyo Gbeleyi (with Mr. Michael I. Magaji serving 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 transition as a defining moment for the company, Chief Afolabi said that the changes in the leadership structure of the organisation reflected a renewal and forward-thinking strategy rather than disruption.
“This transition represents renewal, not rupture. It represents investment, not instability. It represents partnership, not division,” he said.
According to him, the new Board is focused on strengthening corporate governance, improving operational efficiency, attracting fresh capital investment and ultimately delivering better service to customers across IBEDC’s franchise areas.
Established in November 2013 following Nigeria’s power sector privatisation, IBEDC distributes electricity across Oyo, Ogun, Osun and Kwara states, as well as parts of Ekiti, Kogi and Niger states. It operates one of the largest distribution networks in the country, serving millions of customers within Nigeria’s complex power value chain.
While reassuring its customers, the Chairman of the organisation stressed that the leadership transition would not disrupt service delivery. The Chairman assured that all business offices of the organisation remained open, while field operations were continuing without interruption.
He disclosed that the new core investor has given his commitment to sustain capital injections into the organisation, which would be aimed at rehabilitating and expanding feeders, upgrading transformers, improving injection substations and replacing ageing infrastructure to enhance supply reliability.
In addition, the company plans to revive redundant hydro power assets to increase energy supply within its network.
Speaking further, Chief Afolabi said that technology was also central to IBEDC’s new strategic direction. According to him, the company intended to accelerate the deployment of advanced digital tools, which would include improved outage management systems, strengthened billing platforms, expanded smart metering and enhanced digital customer engagement channels to promote transparency and faster response times.
On workforce matters, the Chairman assured employees that the transition would not lead to job losses, saying that, instead of job losses, the Board would be committed to improving staff welfare, providing modern work tools and safety equipment, while investing in technology to boost field efficiency and maintaining high performance standards.
Speaking for the Board, Chief Afolabi pledged that the organisation would maintain a structured engagement with the industry’s regulators, such as the Nigerian Electricity Regulatory Commission (NERC) and the Nigerian Electricity Management Services Agency (NEMSA), and reaffirmed that IBEDC remained committed to regulatory compliance, transparency and accountability.
The Ibadan Electricity Distribution Company also assured its vendors and suppliers of its continued timely and structured payment cycles, acknowledging their critical role in sustaining network operations.
Among dignitaries present at the event were 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 firmly in place, IBEDC said it was poised to strengthen its financial sustainability, deepen operational excellence and reposition itself as a leading electricity distribution company in Nigeria.
Signed
Blessing Oluwadamilola Ajayi
(Corp member).
Edited
by Moses Oyelade,
AD(I&PR), FIC, Ibadan.
