A Lagos-based Federal High Court postponed its decision on an interlocutory injunction request by Integrated Energy Distribution and Marketing Company Limited (IEDMCL) until December 8, 2022 in order to prevent the Asset Management Company of Nigeria (AMCON) from selling the Ibadan Electricity Distribution Company (IBEDC) until the court’s ruling on the case’s merits.
IEDMCL Counsel Mr. Dele Adesina, SAN, moved the application for the interlocutory injunction on Wednesday. He informed Justice Chukwujekwu Aneke, the presiding judge, that the application’s sole purpose is to keep the Res until the substantive suit is decided in order to avoid presenting the court with a predetermined outcome.
Adesina while making his submissions told the court that parties were before the court on 24th of October, 2022 wherein parties informed the court that parties are still exploring amicable settlement of the matter.
He,however added that while parties were in court and also exploring move for settlement, the plaintiff “AMCON” made a publication in the Leadership newspapers advertising move to sell the Ibadan Electricity Distribution Company .
He urged the court to give an order to the effect that nothing should be done as regards the sale or dissipation of the the asset of Ibadan Disco until the final determination of the substantive suit which was instituted by AMCON through the Receiver Manager nominee.
In his reply to the application AMCON counsel , Mr Kunle Ogunba, SAN, accused IEDMCL of trying to hold the hand of AMCON from collecting its money from the applicant. He added that AMCON is not interested in the sale of Ibadan Disco but to divest its shares from the company. He said that is what the Central Bank of Nigeria ,CBN and the Bureau of Public Entreprises asked the Reciever Manager to do.
Ogunba also said that the applicant did not filed a reply to their originating motion and consequently , they applicant did not have a defense against the Originating motion.
But in his reply on the issue , Adesina said Ogunba did not serve the respondent the Originating summons adding that the only got to know by searching the court file and obtained a certified true copy to which he later filed counter affidavit in opposition to the Originating summons.
Adesina clarified the situation by stating that the applicant has already paid $122 million of the $162 million borrowed to buy the Ibadan Electricity Distribution Company and Yola Electricity Distribution Company, leaving a balance of $38 million after interest has been incurred. In their counterclaim, the applicant also asserts that the Federal Government owes them an additional $97 million for the Yola Disco. Then he asked the court to grant the motion for an interim injunction so that the Res would be preserved until the outcome of the case.
But the judge questioned whether any party that has consented to the court’s jurisdiction can take action.
After hearing from the attorneys for both parties, Justice Aneke made a decision to adjourn the ruling on the interlocutory injunction till December 8, 2022.