A Federal High Court in Lagos has ordered the Asset Management Corporation of Nigeria (AMCON), Polaris Bank Limited, and Archlight Nigeria Limited to stay any actions that could compromise the outcome of a pending lawsuit filed by the United Bank for Africa (UBA).
Justice Dehinde Dipeolu, who issued the order after listening to submissions from UBA’s counsel, Gbenga Akinde-Peters, also directed parties in the suit to “respect the judicial process patiently.
Before adjourning the matter to October 2, the court further restrained all parties from undertaking any actions that could render the pending applications ineffective.
The UBA filed suit against selling a 60% stake in IBEDC.
In related developments, UBA has initiated contempt proceedings against AMCON, several of its top executives, and the directors of Archlight Nigeria Limited for allegedly violating an earlier court order.
UBA seeks the imprisonment of AMCON’s Managing Director/CEO, Gbenga Alade, and three executive 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 also named in the contempt proceedings.
This contempt suit, initiated under Form 48 of the Federal High Court Rules, warns the defendants about the consequences of disobeying a valid court order.
Court filings revealed that on May 27, 2025, UBA sought interlocutory orders to restrain AMCON, Polaris Bank, and Archlight from selling or divesting Integrated Energy Distribution and Marketing Limited’s (IEDM) 60 per cent equity stake in the Ibadan Electricity Distribution Company (IBEDC).
The bank also requested a Mareva injunction to freeze all transactions concerning IBEDC’s controlling shares.
Despite the existing restraining order, UBA alleges that the respondents have continued to defy the court’s directive, prompting the bank to pursue contempt proceedings.
Notices regarding the consequences of disobedience (Form 48) have been issued for service to AMCON, its executives, Archlight at their offices in Lagos and Abuja, and the named directors.
The bank is asking the court to annul the transaction, claiming that the sale of IBEDC, valued at N100 billion, occurred without its consent, violated due process, and significantly undervalued the asset.
