The Federal High Court in Lagos has issued an order restraining the Asset Management Corporation of Nigeria (AMCON), Polaris Bank Limited, and Archlight Nigeria Limited from taking any steps that could affect the outcome of a pending suit filed by the United Bank for Africa (UBA).
Justice Dehinde Dipeolu granted the order on August 18, 2025, after hearing submissions from UBA’s counsel, Gbenga Akinde-Peters and A. Olusola. Representing the defendants were Dr. Chika Agbu (SAN) for the first defendant and Babatunde Ogala (SAN) for the third defendant.
In his ruling, Justice Dipeolu directed all parties to maintain the status quo and “respect the judicial process patiently” pending determination of the substantive applications. The matter was adjourned to October 2, 2025, for the hearing of the motion. The court further restrained both the plaintiffs and defendants from engaging in any action that might undermine or render the pending applications ineffective.
Meanwhile, UBA has initiated contempt proceedings against AMCON, some of its top executives, and directors of Archlight Nigeria Limited, accusing them of violating an earlier restraining order. According to filings before the court, UBA is seeking committal to prison of AMCON’s Managing Director/Chief Executive Officer, Mr. Gbenga Alade, alongside three executive directors—Mr. Lucky Adaghen, Mr. Adeshola Lamidi, and Dr. Aminu Dan’amu.
Archlight Nigeria Limited and several of its directors, including Taiwo Afolabi, Mr. Tunde Afolabi, Mr. Rotimi Oyekan, and Mr. Deolu Ijose, were also cited in the contempt proceedings. The application was filed pursuant to Form 48 of the Federal High Court Rules, which formally notifies parties of the consequences of disobeying a valid court order.
Court documents reveal that UBA, on May 27, 2025, filed an application for interlocutory reliefs against AMCON, Polaris Bank, and Archlight Nigeria Limited. The bank specifically sought to restrain the defendants from selling or divesting Integrated Energy Distribution and Marketing Limited’s (IEDML) 60 per cent equity stake in the Ibadan Electricity Distribution Company (IBEDC).
UBA also sought a Mareva injunction to freeze any transactions involving IBEDC’s controlling shares, warning that any disposal of the shares could jeopardize the bank’s interests and frustrate the pending suit. Despite the subsisting restraining order, UBA alleged that the defendants had continued to act in defiance of the directive.
This alleged disobedience prompted the bank to file contempt proceedings against the parties, insisting that their conduct was an affront to the authority of the court. Consequently, notices of the consequences of disobedience (Form 48) have been issued for service on AMCON, its executives, and Archlight Nigeria Limited at their Lagos and Abuja offices, as well as on the individual directors listed in the proceedings.
The case underscores the deepening dispute over the ownership and control of IBEDC, one of Nigeria’s largest electricity distribution companies, and highlights growing judicial scrutiny of corporate governance practices in the power sector.
