The Ibadan Electricity Distribution Company (IBEDC) has announced the reconstitution of its Board of Directors following the resignation of three representatives of the Asset Management Corporation of Nigeria (AMCON), marking a major leadership transition aimed at strengthening the company’s operations and governance.
The announcement was made during a press conference at the company’s corporate headquarters in Ibadan, where Chief Tunde J. Afolabi, MFR, was unveiled as the new Chairman of the Board.
Other members of the newly constituted Board 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.
Chief Afolabi described the leadership change and emergence of a new core investor as a significant milestone in the company’s corporate evolution, signaling a renewed focus on stability, improved performance, and sustainable growth.
“This transition represents renewal, not rupture. It represents investment, not instability. It represents partnership, not division,” Afolabi said.
He added that the Board’s priorities include strengthening corporate governance, improving operational efficiency, expanding capital investment, and enhancing electricity service delivery to millions of customers.
IBEDC, established in November 2013 following Nigeria’s power sector privatization, distributes 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 distribution networks in the country and serves the highest number of electricity customers among Nigeria’s distribution companies.
The new core investor has committed to major infrastructure upgrades, including feeder rehabilitation and expansion, transformer replacements, substation improvements, and modernization of obsolete network equipment. The company also plans to accelerate digital transformation through improved outage management systems, enhanced billing platforms, expanded smart metering, and digitized customer engagement channels.
IBEDC assured customers that the leadership transition will not disrupt operations, confirming that all offices and field services will continue as normal.
The Board also emphasized workforce stability, stating that no job losses are expected as a result of the restructuring. It reaffirmed its commitment to employee welfare, improved work tools, and enhanced safety standards.
Additionally, the company pledged continued collaboration with regulatory bodies such as the Nigerian Electricity Regulatory Commission (NERC) and the Nigerian Electricity Management Services Agency (NEMSA) to ensure regulatory compliance, transparency, and accountability.
With the new Board and investor in place, IBEDC says it is well positioned to strengthen financial sustainability, improve service reliability, and advance its goal of becoming Nigeria’s leading electricity distribution company.
