Newly reconstituted board pledges embedded generation, capital upgrades and workforce stability as company charts fresh growth strategy….
The Chairman of the Board of Directors of the Ibadan Electricity Distribution Company, Tunde Afolabi, has unveiled plans to revive dormant hydroelectric plants in Oyo and Osun states as part of a broader strategy to strengthen electricity supply across its franchise areas.
Speaking during a press briefing at the company’s head office in Ibadan on Tuesday, Afolabi said the distribution company had identified redundant hydro facilities that could be rehabilitated to support embedded generation and improve supply reliability.
“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,” he said.
Beyond hydro rehabilitation, the company is also exploring direct power procurement from generation companies, with plans to add approximately 200 megawatts to its existing allocation.
“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 stated.
Board Reconstitution Signals Strategic Reset
The announcement comes amid a restructuring of IBEDC’s board following the resignation of three nominees of the Asset Management Corporation of Nigeria.
According to Afolabi, the reconstitution marks a significant point in the company’s corporate evolution and signals a renewed focus on governance, operational efficiency and long-term growth.
The new board, chaired by Afolabi, includes Ayodeji Ariyo Gbeleyi (with Michael I. Magaji as Alternate Director), Taiwo Afolabi, Oladapo Afolabi, Tunde Fayinka, Mr Oluwaseyi Akinwale and Adeolu Ijose.
“The development marks a significant milestone in the company’s corporate journey,” Afolabi said, describing the transition as a phase of renewal rather than disruption.
He added that the entry of a new core investor and the refreshed board structure represent “investment, not instability” and “partnership, not division.”
Capital Investment and Network Upgrades
Under the new strategic direction, IBEDC plans to intensify capital expenditure across its network. The chairman pledged sustained investment in feeder rehabilitation and expansion, transformer upgrades, injection substation improvements and the replacement of obsolete infrastructure.
“Our goal is to strengthen governance, enhance operational performance, deepen capital investment, and deliver improved service to customers across our franchise areas,” he said.
Afolabi assured employees that the board transition would not trigger layoffs, though performance benchmarks would remain firm.
“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,” he said.
Addressing Sector Challenges
The chairman acknowledged that IBEDC, like other distribution companies, continues to grapple with legacy challenges, including ageing infrastructure, energy theft, liquidity constraints and tariff limitations. He, however, maintained that operational stability would be preserved during the transition.
In his remarks, director Michael Magaji emphasised the importance of stakeholder engagement in driving the company’s next growth phase.
“We will not take our customers for granted. Stakeholder engagement will continue as a board for sustainable communication,” he said, adding that staff would be equipped and positioned to deliver improved outcomes.
IBEDC distributes electricity across Oyo, Ogun, Osun and Kwara states, as well as parts of Ekiti, Kogi and Niger. The company was established in November 2013 following the privatisation of Nigeria’s power sector.
With plans to revive hydro assets, secure additional generation capacity and upgrade critical infrastructure, the utility is betting on embedded generation and governance reforms to reposition itself in a power market still striving for stability and efficiency.
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