The ongoing ownership battle over Ibadan Electricity Distribution Company Limited (IBEDC) has taken a significant turn as the Federal High Court in Lagos has granted an interim injunction stopping the transfer of shares. In this article, we’ll delve into the details of the case, the court’s ruling, and what it means for the parties involved
The dispute revolves around the sale of 60% of IBEDC’s ownership interest by the Asset Management Corporation of Nigeria (AMCON). 86 Gardens Limited, one of the bidders, claims to have emerged as the preferred bidder. However, the company alleges that Archlight Nigeria Limited, the current majority shareholder, has refused to transfer the shares as agreed.
On March 31, 2025, Justice Musa Kakaki granted an interim injunction preventing Archlight Nigeria Limited or its agents from transferring the 50% equity shareholding in IBEDC to any other party. The court’s decision was made after hearing an ex parte motion moved by Seni Adio (SAN), counsel to 86 Gardens Limited.
The court’s ruling effectively puts a hold on any share transfer until the dispute is resolved. This move is likely to have significant implications for the parties involved:
– 86 Gardens Limited: The company can now breathe a sigh of relief as the court’s ruling prevents Archlight Nigeria Limited from transferring the shares to another party.
– Archlight Nigeria Limited: The company is now restrained from transferring the shares, which may impact their plans for IBEDC.
– IBEDC: The court’s ruling may lead to a delay in the transfer of ownership, potentially affecting the company’s operations and future plans.
The court has scheduled May 16, 2025, for the hearing of the lawsuit. The parties involved will need to prepare their arguments and evidence to present before the court. The outcome of the hearing will determine the fate of IBEDC’s ownership and the future of the company.
The court’s ruling in the IBEDC ownership battle is a significant development in the case. As the parties prepare for the hearing, the future of IBEDC hangs in the balance. One thing is certain – the outcome of this case will have far-reaching implications for the energy sector in Nigeria.