Court restrains AMCON, others over IBEDC shares
The Federal High Court in Lagos has barred the Asset Management Corporation of Nigeria, Polaris Bank Limited, and Archlight Nigeria Limited from taking any action that could affect the outcome of a pending suit filed by the United Bank for Africa.
Justice Dehinde Dipeolu made the order on August 18, 2025, after submissions by UBA’s counsels, Gbenga Akinde-Peters and A. Olusola. Dr. Chika Agbu (SAN) appeared for the First Defendant, while Babatunde Ogala (SAN) represented the Third Defendant.The judge directed all parties to “respect the judicial process patiently” and adjourned the matter to October 2, 2025, for hearing of the motion.
The court also restrained both plaintiffs and defendants from taking any step that could render the pending applications ineffective.Meanwhile, UBA has commenced contempt proceedings against AMCON, some of its top executives, and directors of Archlight Nigeria Limited for allegedly breaching an earlier restraining order.The bank is seeking the committal to prison of AMCON’s Managing Director/Chief Executive Officer, Mr. Gbenga Alade, along with three executive directors, Mr. Lucky Adaghen, Mr. Adeshola Lamidi, and Dr. Aminu Dan’amu. Archlight and its directors, Taiwo Afolabi, Mr. Tunde Afolabi, Mr. Rotimi Oyekan, and Mr. Deolu Ijose, are also listed in the proceedings.
The Form 48 filed under the Federal High Court Rules, the contempt action warns the defendants of the legal consequences of disobeying a subsisting court order.According to court filings, UBA, on May 27, 2025, sought interlocutory orders to restrain AMCON, Polaris Bank, and Archlight from selling or divesting Integrated Energy Distribution and Marketing Limited’s 60 per cent stake in the Ibadan Electricity Distribution Company.The bank also applied for a Mareva injunction to freeze transactions involving IBEDC’s controlling shares.Despite the restraining order, UBA alleged that the respondents have continued to act in defiance of the directive, prompting the initiation of contempt proceedings.
Notices of consequence of disobedience (Form 48) have been issued for service on AMCON, its executives, and Archlight at their Lagos and Abuja offices, as well as on the named directors.
