Exclusive: IBEDC Owes Oyo Govt Over N400m• Govt Pays IBEDC N15m Monthly• Secures Court Warrant To Seal Offices

The Oyo state government has set the records straight on statement credited to the Chief Operating Officer of Ibadan Electricity Distribution Company (IBEDC), Engineer John Ayodele on Tuesday where he alleged that the state government is owing the company a whopping consumption sum of N450 million for over a period of three years.

Ayodele was reacting to the sealing off of IBED offices within the state. The company alleged that the government suddenly contrived debts labelled revenue bills and personal income without due notification adding that the issue of revenue bills and personal income arising now is quite suspicious.

Investigation by GOAL POACHER NEWS revealed that Ibadan Electricity Distribution Company owes the state government over N400 million n which the company defaulted to pay for two years. A top government functionary who spoke with our correspondent on condition of anonymity said, “in the last two years, Oyo state government has been paying N15m on a monthly basis for energy cost with a promise that IBEDC should come every December for reconciliation to avoid crisis of estimated billing that is usually between energy providers and customers.

” Statutorily, IBEDC has an obligation to pay a number of taxes as a company operating in Oyo state. In the last two years, IBEDC hasn’t paid any such tax and following series of correspondences between Oyo state Board of Internal Revenue and IBEDC and the failure to respond to invoice of tax payment by Oyo State Government.

“The Board of Internal Revenue compiled taxes payable in the last two years and it amounted to N400,654,111,41 comprising harmonized bills infrastructure bills, tax audit bills and sinage bills.

” Consequent upon IBEDC failure to pay, Oyo Sate Government approached a state high Court presided over by M.O Olagunju to secure a warrant to enable it enforce the payment of debts owe by IBEDC.” The source concluded.