Power Firm’s Shares: Court Orders Stay Of Action In Suit Against Commission, Others

A Federal High Court successful Lagos has ordered the Asset Management Corporation of Nigeria (AMCON), Polaris Bank Limited, and Archlight Nigeria Limited to enactment immoderate actions that could compromise the result of a pending suit filed by the United Bank for Africa (UBA).

Justice Dehinde Dipeolu, who issued the bid aft listening to submissions from UBA’s counsel, Gbenga Akinde-Peters, besides directed parties successful the suit to “respect the judicial process patiently.
Before adjourning the substance to October 2, the tribunal further restrained each parties from undertaking immoderate actions that could render the pending applications ineffective.
The UBA filed suit against selling a 60% involvement successful IBEDC.

In related developments, UBA has initiated contempt proceedings against AMCON, respective of its apical executives, and the directors of Archlight Nigeria Limited for allegedly violating an earlier tribunal order.
UBA seeks the imprisonment of AMCON’s Managing Director/CEO, Gbenga Alade, and 3 enforcement directors— Lucky Adaghen, Adeshola Lamidi, and Dr. Aminu Mukhtar Dan’amu.

Archlight and its directors, including Taiwo Afolabi, Tunde Afolabi, Rotimi Oyekan, and Deolu Ijose, are besides named successful the contempt proceedings.

This contempt suit, initiated nether Form 48 of the Federal High Court Rules, warns the defendants astir the consequences of disobeying a valid tribunal order.

Court filings revealed that connected May 27, 2025, UBA sought interlocutory orders to restrain AMCON, Polaris Bank, and Archlight from selling oregon divesting Integrated Energy Distribution and Marketing Limited’s (IEDM) 60 per cent equity involvement successful the Ibadan Electricity Distribution Company (IBEDC).
The slope besides requested a Mareva injunction to frost each transactions concerning IBEDC’s controlling shares.

Despite the existing restraining order, UBA alleges that the respondents person continued to defy the court’s directive, prompting the slope to prosecute contempt proceedings.

Notices regarding the consequences of disobedience (Form 48) person been issued for work to AMCON, its executives, Archlight astatine their offices successful Lagos and Abuja, and the named directors.

The slope is asking the tribunal to annul the transaction, claiming that the merchantability of IBEDC, valued astatine N100 billion, occurred without its consent, violated owed process, and importantly undervalued the asset.