Court Halts IBEDC Share Transfer

The dispute over the sale of Ibadan Electricity Distribution Company Limited persists, with the Federal High Court in Lagos scheduling May 16, 2025, for the hearing of a lawsuit filed by 86 Gardens Limited against Archlight Nigeria Limited and two others over the alleged share transfer to another company.

Before the hearing, Justice Musa Kakaki granted an interim injunction barring Archlight Nigeria Limited or its agents from transferring the 50% equity shareholding, already allocated to 86 Gardens Limited, to any other party.

The judge issued the order after considering an ex parte motion presented by Seni Adio (SAN) on behalf of 86 Gardens Limited in suit FHC/L/CS/418/2025

The judge issued the order after considering an ex parte motion presented by Seni Adio (SAN) on behalf of 86 Gardens Limited in suit FHC/L/CS/418/2025.

The second and third defendants in the case are Abiodun J. Owonikoko (SAN), who operates under the name Synergy Attorneys, and the Corporate Affairs Commission.

In seeking the court’s approval of the motion, Adio cited the Federal High Court Civil Procedure Rules 2019 and the court’s inherent jurisdiction.

The application was supported by an affidavit sworn by Oladipo Lawore, an investment analyst and promoter of 86 Gardens Limited, along with a written address and relevant documentary exhibits.

After reviewing the submissions and supporting documents, Justice Kakaki granted the request and issued an interim injunction. The order restrains Archlight Nigeria Limited, its agents, directors, officers, privies, or nominees from transferring to any other party or third party the 50 percent equity shareholding in the company that has already been assigned to 86 Gardens Limited. This restriction is based on the Custody Agreement, Share Sales Agreement, Share Transfer Forms, and other related documents (collectively referred to as the Security Documents). The injunction will remain in forceuntil the hearing and determination of the Motion for Interlocutory Injunction and is conditional on 86 Gardens Limited being selected as the preferred bidder in AMCON’s sale of a 60 percent ownership stake in the Ibadan Electricity Distribution Company Plc (IBEDC).