A Federal High Court in Lagos has directed all parties in a suit filed by the United Bank for Africa Plc (UBA) against the sale of a 60% stake in the Ibadan Electricity Distribution Company (IBEDC) to avoid any actions that could undermine the integrity and dignity of the judiciary.
Justice Dehinde Dipeolu warned while presiding over the suit against the Asset Management Corporation of Nigeria (AMCON).
The bank asks the court to annul the transaction, claiming that the sale, valued at N100 billion, occurred without its consent, violated due process, and significantly undervalued the asset.
The applicant, a major lender to Integrated Energy Distribution and Marketing Limited (IEDM), the original owner of the IBEDC stake, described the sale as unlawful and still under judicial review.
The bank argued that the transaction is in contempt of ongoing proceedings before Justice Akintayo Aluko of the same court.
AMCON’s Managing Director and CEO, Gbenga Alade, confirmed the sale at a press conference in Lagos, calling it a strategic move. However, UBA criticised this announcement as an affront to the judiciary and indicated its intent to initiate contempt proceedings against AMCON.
During Wednesday’s proceedings, the Applicant’s counsel, Gbenga Akinde-Peters, drew attention to a letter dated July 14 from AMCON.
AMCON expressed its intention to distribute the proceeds from the sale despite the ongoing lawsuit and an existing request to restrain such actions. Akinde-Peters argued that AMCON’s public comments reflected a “flagrant disregard” for the judicial process.
Although AMCON was not represented in court, Babatunde Ogala (SAN), the counsel for Archlight Nigeria Limited, which purportedly purchased the IBEDC stake, claimed that AMCON’s lawyer, Dr. Francis Agbu (SAN), had requested an adjournment due to a bereavement.
He urged the court to maintain the previously agreed-upon hearing date of October 2, 2025.
Akinde-Peters opposed this request, emphasising the urgency of the matter and warning that the distribution of the sale proceeds could cause irreparable harm to UBA.
To balance the interests of justice, Justice Dipeolu adjourned the case to August 18, 2025, for mention and ordered that AMCON be represented at the next hearing.
The judge further instructed all parties to “protect the integrity and dignity of the judiciary” and refrain from actions that could be perceived as disrespectful to the court.
