The Federal High Court sitting 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 capable of affecting the outcome of a pending suit instituted by the United Bank for Africa (UBA) Plc.
Justice Dehinde Dipeolu made the order on 18 August 2025, following submissions by UBA’s counsel, Gbenga Akinde-Peters and A. Olusola. Dr. Chika Agbu, SAN, appeared for the first defendant, while Babatunde Ogala, SAN, represented the third defendant in the matter.
In her ruling, Justice Dipeolu directed all parties to “respect the judicial process patiently” and adjourned the case to 2 October 2025 for the hearing of the substantive motion. The court further ordered that no party should take any action that could render the pending applications nugatory.
Meanwhile, UBA has initiated contempt proceedings against AMCON, some of its senior executives, and directors of Archlight Nigeria Limited, alleging a breach of an earlier restraining order of the court.
The bank is seeking the 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. Also listed are Archlight Nigeria Limited and its directors: Taiwo Afolabi, Mr. Tunde Afolabi, Mr. Rotimi Oyekan, and Mr. Deolu Ijose.
The contempt proceedings, filed under Form 48 of the Federal High Court Rules, serve as a formal warning to the defendants on the legal consequences of disobeying a subsisting court order.
Court filings reveal that on 27 May 2025, UBA sought interlocutory orders restraining AMCON, Polaris Bank, and Archlight from selling or divesting Integrated Energy Distribution and Marketing Limited’s (IEDM) 60 per cent equity in the Ibadan Electricity Distribution Company (IBEDC). The bank also applied for a Mareva injunction to freeze all transactions involving IBEDC’s controlling shares.
UBA alleges that despite the subsisting restraining order, the respondents have continued to act in defiance of the court’s directive, prompting the commencement of contempt proceedings. Notices of consequence of disobedience (Form 48) have been issued for service on AMCON, its executives, and Archlight at their Lagos and Abuja offices, as well as on the named directors.
