Court stops AMCON from tampering with IBEDC shares as UBA initiates contempt proceedings

The federal high court in Lagos has ordered the Asset Management Corporation of Nigeria (AMCON), Polaris Bank Limited, and Archlight Nigeria Limited to refrain from any action that could affect the outcome of a pending suit filed by the United Bank for Africa (UBA).

The order, dated August 18, 2025, was issued by Dehinde Dipeolu, presiding judge, after submissions by UBA’s counsel Gbenga Akinde-Peters and A. Olusola. 

Chika Agbu (SAN) represented AMCON, while Babatunde Ogala (SAN) appeared for Archlight.

In his ruling, Dipeolu directed all parties to “respect the judicial process patiently” and adjourned the case to October 2, 2025, for hearing of the motion.

He further restrained plaintiffs and defendants from taking any steps that could render pending applications nugatory.

UBA has also filed contempt proceedings against AMCON, some of its executives, and directors of Archlight for allegedly flouting an earlier restraining order.

The bank is seeking the committal of AMCON’s managing director, Gbenga Alade, and three executive directors — Lucky Adaghen, Adeshola Lamidi, and Aminu Mukhtar Dan’amu.

Others listed include Archlight and its directors — Taiwo Afolabi, Tunde Afolabi, Rotimi Oyekan, and Deolu Ijose.

The contempt application, initiated under Form 48 of the federal high court rules, warns the defendants of the consequences of disobeying a valid court order.

On May 27, 2025, UBA sought interlocutory orders restraining AMCON, Polaris, and Archlight from selling or divesting Integrated Energy Distribution and Marketing Limited’s (IEDM) 60 percent equity in the Ibadan Electricity Distribution Company (IBEDC).

The bank also applied for a Mareva injunction to freeze all transactions concerning IBEDC’s controlling shares.

Despite the subsisting order, UBA alleges that the respondents continued to act in defiance of the directive, prompting the contempt action.

Copies of Form 48 have since been issued for service on AMCON, its executives, and Archlight at their Lagos and Abuja offices, as well as on the named directors.