Ibadan Electricity Distribution Company (IBEDC) has reconstituted its Board of Directors and unveiled a renewed strategic direction aimed at strengthening governance, boosting capital investment and improving electricity supply across its franchise areas.
The announcement was made on Tuesday at the company’s corporate head office in Ibadan, where the new Chairman of the Board, Chief Tunde Afolabi, alongside top management members formally addressed stakeholders following the resignation of three nominees of the Asset Management Corporation of Nigeria (AMCON).
Chief Afolabi said the emergence of new core investors and the reconstituted Board marked a significant turning point in the company’s corporate journey.
“This transition represents renewal, not rupture. It represents investment, not instability. It represents partnership, not division, our goal is to strengthen governance, enhance operational performance, deepen capital investment, and deliver improved service to customers across our franchise areas.”
The newly constituted Board is chaired by Chief Afolabi and includes Mr. Ayodeji Ariyo Gbeleyi, Dr. Taiwo Afolabi, Prof. Oladapo Afolabi, Mr. Tunde Fayinka, Mr. Oluwaseyi Akinwale and Mr. Adeolu Ijose, with Mr. Michael I. Magaji serving as Alternate Director.
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.
While outlining operational improvements recorded since inception, including infrastructure upgrades and revenue growth, the Chairman acknowledged that the company has continued to grapple with significant sector-wide challenges.
Among the most pressing is inadequate energy supply from the national grid.
According to him, energy received for onward distribution is currently below 50 percent of required capacity, a development that has constrained service delivery to customers.
“One of our biggest challenges is shortage of energy supply for onward distribution. Supplies received are below 50 percent, but efforts are ongoing to adequately address the challenge to increase supply and enhance customer satisfaction,” he said.
He disclosed that IBEDC is exploring options to purchase power directly from independent power producers to boost supply within its network and reduce overreliance on the grid.
Other challenges identified include aging infrastructure, tariff and liquidity pressures, energy theft, vandalism and outstanding customer receivables.
The new Board outlined a multi-pronged strategy focused on feeder rehabilitation and expansion, transformer upgrades and replacements, injection substation improvements and the replacement of obsolete network components.
Chief Afolabi assured customers that there would be no avoidable service disruptions as a result of the transition adding that all offices will remain open and field operations will continue uninterrupted.
On technology integration, IBEDC discloatd that it planned to deploy enhanced outage management systems, strengthen billing platforms, expand smart metering and digitize customer engagement channels to improve transparency and responsiveness.
Addressing staff concerns, the Chairman stated that there would be no job losses as a direct result of the transition. He emphasized that the workforce remains the company’s greatest asset and pledged improved welfare frameworks, modern operational tools and enhanced safety equipment, while maintaining strict performance standards.
The Board also reaffirmed its commitment to proactive engagement with regulators, including the Nigerian Electricity Regulatory Commission (NERC) and the Nigerian Electricity Management Services Agency (NEMSA), promising full compliance with regulatory codes and strengthened governance structures to enhance transparency and accountability.
In addition, IBEDC pledged structured and timely payment cycles for vendors and suppliers to sustain confidence within its supply chain.
Chief Afolabi however noted that the reconstitution of the Board signals a period of stability, continuity and growth for the company.
“The future of IBEDC is one of collaboration, accountability, innovation and growth. We move forward with unity, confidence and a shared commitment to powering progress across our franchise,” he said.