A civil society organisation, the African Initiative Against Abuse of Public Trust, has taken the Asset Management Corporation of Nigeria (AMCON), the Bureau of Public Enterprises (BPE), and the Nigerian Electricity Regulatory Commission (NERC) to court over a planned sale of a 60% equity stake in the Ibadan Electricity Distribution Company (IBEDC).
The group is accusing the agencies of planning to sell the stake at what it calls a “giveaway price” of about $62 million (approximately N100 billion), which it claims is far below the $169 million valuation that was used during the 2013 privatisation process. The lawsuit, marked FHC/ABJ/CS/866/2025, was filed at the Federal High Court in Abuja.
In the suit, the plaintiff wants the court to stop the planned sale, which it describes as illegal, secretive, and a waste of public resources. According to the group, AMCON holds the 60% shares in trust for the Nigerian public and should not sell them at a loss.
The civil society group is being represented by a legal team led by Barrister Chibuzor C. Ezike. It argues that AMCON, being a public institution managing the shares on behalf of Nigerians, is duty-bound to ensure that any sale or transfer does not occur below the original acquisition cost. Selling the shares for $62 million instead of the $169 million initially paid would amount to a loss of $107 million, the plaintiff claims.
In its court filings, the organisation asked for several declarations and orders, including:
- A declaration that AMCON cannot sell the 60% stake for less than the $169 million paid during the 2013 acquisition.
- A declaration that the planned transaction is illegal and a violation of public trust.
- An order restraining BPE and NERC from endorsing any such transaction.
- A court order setting aside any transaction already concluded or attempted under these terms.
- Legal costs to be awarded against the defendants.
The plaintiff also filed a statement of claim, a verifying affidavit, and attached documents such as media reports, public notices, and privatisation documents to support its arguments.
It recounted that the 60% equity in IBEDC was originally sold in 2013 to Integrated Energy Distribution and Marketing Company Limited for $169 million following a valuation by the National Council on Privatisation and BPE. However, the buyer reportedly defaulted on loan obligations, prompting AMCON to take control of the shares through receivership, having acquired the debt from Polaris Bank (formerly Skye Bank) as part of its mandate to recover bad loans.
According to the plaintiff, AMCON now plans to sell the shares to unnamed “preferred investors” in a non-transparent manner, without open bidding or public announcement. The group believes this undermines accountability and goes against Nigeria’s public procurement laws.
The suit further alleges that the undervalued sale threatens national economic interest and could worsen Nigeria’s energy crisis. It called on anti-corruption agencies like the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices Commission (ICPC) to step in and investigate the deal.
The matter is yet to be assigned a date for hearing, but the outcome could have significant implications for public asset sales and the wider privatisation policy in Nigeria’s power sector. Stakeholders and observers are closely watching the court’s handling of the case as it raises key questions around transparency, asset valuation, and the protection of public interest in strategic sectors.
