The United Bank for Africa (UBA) Plc has filed a motion at the Federal High Court in Lagos, aiming to join an ongoing legal battle over the controversial sale of the Ibadan Electricity Distribution Company (IBEDC).
The case, with suit number FHC/L/CS/418/2025, was originally filed by 86 Gardens Limited against Archlight Nigeria Limited, senior lawyer Abiodun Jamiu Owonikoko (SAN) of Synergy Attorneys, and the Corporate Affairs Commission (CAC). At the heart of the matter is the alleged failure to properly transfer a 50% equity stake in IBEDC.
Represented by Seni Adio (SAN), 86 Gardens Limited is asking the court to determine whether Archlight breached the Share Sales Agreement by not transferring shares, and whether Owonikoko failed in his duty to file the required documents with the CAC. The plaintiff also wants the court to order that the share transfer be enforced and is seeking ₦100 million in damages.
During a recent hearing, Adio mentioned that the CAC had been served court documents but failed to appear. He noted the service of a preliminary objection and motion to vacate an interim order on May 9, 2025. He questioned why UBA is seeking to be added to the case, suggesting the “preferred bidder” issue is no longer relevant.
However, UBA’s counsel, Temilolu Adamolekun, argued that the bank has a significant stake in the matter, as one of the original lenders who financed IBEDC’s acquisition. According to a supporting affidavit by UBA staff member Afamefuna Ogbonna, the bank had lent part of a $162.4 million facility to Integrated Energy Distribution and Marketing Company Limited (IEDM) and still holds a 21.54% stake in the deal.
UBA claims that AMCON wrongfully stepped in, sold the company without proper authorization, and appointed a receiver without consulting other creditors. The bank argues its joinder is critical to avoid the court validating what it calls an illegal sale.
Representatives for Archlight and Synergy Attorneys confirmed they had responded to UBA’s motion, while also filing counter-affidavits. A legal clash over whether the joinder application or a preliminary objection should be heard first remains unresolved.
Justice Musa Kakaki has postponed further proceedings until July 16, 2025, giving all parties time to sort through the growing list of legal filings.
