Court Bars AMCON, Polaris Bank, Archlight From Moves On IBEDC Shares As UBA Presses Contempt Charges
The tussle over the controlling shares of Ibadan Electricity Distribution Company (IBEDC) has taken a dramatic legal turn, with the Federal High Court in Lagos issuing fresh orders against the Asset Management Corporation of Nigeria (AMCON), Polaris Bank Limited, and Archlight Nigeria Limited.
Justice Dehinde Dipeolu, ruling on August 18, 2025, restrained the parties from taking any steps capable of undermining the determination of a pending suit filed by the United Bank for Africa (UBA). The matter was adjourned to October 2, 2025, for the hearing of substantive motions.
“The parties are enjoined to respect the judicial process patiently,” Justice Dipeolu directed, warning that no action should be taken that might render the pending applications nugatory.
While the interim order holds, UBA has moved a step further—filing contempt proceedings against AMCON, its top executives, and Archlight’s directors for allegedly disobeying an earlier restraining order. The bank seeks to commit AMCON’s Managing Director/CEO, Gbenga Alade, alongside executive directors Lucky Adaghen, Adeshola Lamidi, and Aminu Mukhtar Dan’amu, to prison. Also listed are Archlight Nigeria Limited and its directors, including shipping magnate Taiwo Afolabi, Tunde Afolabi, Rotimi Oyekan, and Deolu Ijose.
Filed under Form 48 of the Federal High Court Rules, the contempt action explicitly warns the defendants of the consequences of flouting judicial authority. Notices of consequence of disobedience have already been issued for service on AMCON’s Lagos and Abuja offices as well as Archlight’s registered premises.
The dispute stems from UBA’s May 27, 2025 application seeking interlocutory orders to restrain AMCON, Polaris Bank, and Archlight from selling or divesting Integrated Energy Distribution and Marketing Limited’s (IEDM) 60 percent equity in IBEDC. The bank also pressed for a Mareva injunction to freeze all transactions relating to the disputed shares.
UBA contends that despite a valid restraining order, the defendants have continued to act in defiance, precipitating the contempt action now before the court. With billions of naira and control of one of Nigeria’s largest power distribution firms at stake, the courtroom showdown promises to be one of the year’s most closely watched corporate legal battles.
