The Chairman of the Board of Directors of the Ibadan Electricity Distribution Company, Chief Tunde Afolabi, has disclosed that the company will explore embedded generation opportunities through the rehabilitation of redundant hydro plants in Oyo and Osun states.
“We have identified redundant hydro plants around Osun and Oyo. We will put funds into them and bring them back to life to improve supply across our franchise,” Afolabi said.
Afolabi also disclosed that the company had mapped out plans to increase electricity supply by buying directly from generating companies, adding that IBEDC was considering an additional 200 megawatts to what it currently receives to improve supply reliability across its franchise areas.
“We intend to increase supply by buying directly from generating companies. We are looking at adding about 200 megawatts in addition to what we currently receive,” Afolabi said.
The chairman made the statements on Tuesday while outlining the strategic direction of the newly reconstituted board during a press briefing held at IBEDC’s head office in Ibadan, the Oyo State capital. Afolabi said the reconstitution of the Board of Directors followed the resignation of three nominees of the Asset Management Corporation of Nigeria.
The new board, chaired by Afolabi, also comprises Mr Ayodeji Ariyo Gbeleyi (with Mr Michael I. Magaji as Alternate Director); Dr Taiwo Afolabi; Prof Oladapo Afolabi; Mr Tunde Fayinka; Mr Oluwaseyi Akinwale; and Mr Adeolu Ijose.
“The development marks a significant milestone in the company’s corporate journey,” Afolabi said.
Speaking further, IBEDC’s chairman said the emergence of a new core investor and the reconstituted board signalled a renewed strategic direction focused on stability, continuity, and sustainable growth.
He said: “Our goal is to strengthen governance, enhance operational performance, deepen capital investment, and deliver improved service to customers across our franchise areas.”
“This transition represents renewal, not rupture. It represents investment, not instability. It represents partnership, not division,” Afolabi added.
He pledged sustained capital investment in feeder rehabilitation and expansion, transformer upgrades, injection substation improvements, and the replacement of obsolete network components.
Afolabi assured that there would be no job losses as a result of the transition. He said, “There will be no job losses as a direct result of this transition. Performance standards will, however, remain critical. We are not displacing our workforce; rather, we are empowering them.”
The chairman acknowledged that the company, like other distribution firms, had faced challenges, including ageing infrastructure, energy theft, liquidity pressures, and tariff constraints. He, however, assured customers that the board transition would not disrupt operations.
In his comments, a director of the company, Michael Magaji, stressed that stakeholder engagement would remain central to the company’s new direction. He said: “We will not take our customers for granted. Stakeholder engagement will continue as a board for sustainable communication,” adding that staff would be properly positioned and equipped to drive the company’s next phase of growth.
Ibadan Electricity Distribution Company distributes electricity across Oyo, Ogun, Osun, and Kwara states, including parts of Ekiti, Kogi, and Niger states. It was established in November 2013 following the privatisation of Nigeria’s power sector. In attendance at the event were directors, stakeholders, and staff of the company.
