Court Bars AMCON, Polaris Bank, Archlight from Actions on IBEDC Shares as UBA Files Contempt Proceedings

Justice Dehinde Dipeolu of the Federal High Court, Lagos, has ordered the Asset Management Corporation of Nigeria (AMCON), Polaris Bank Limited, and Archlight Nigeria Limited to refrain from taking any steps that could undermine the outcome of a pending suit filed by the United Bank for Africa (UBA).

The order, dated August 18, 2025, followed submissions by UBA’s counsel, Gbenga Akinde-Peters and A. Olusola.

Dr. Chika Agbu (SAN) and Babatunde Ogala (SAN) represented the first and third defendants, respectively.

In the ruling, Justice Dipeolu directed both plaintiffs and defendants to “respect the judicial process patiently” and adjourned the matter to October 2, 2025, for hearing of the motion.

The court further restrained all parties from taking any steps that could render the pending applications nugatory.

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

The bank is seeking the committal to prison of AMCON’s Managing Director/CEO, Mr. Gbenga Alade, and three executive directors — Mr. Lucky Adaghen, Mr. Adeshola Lamidi, and Dr. Aminu Mukhtar Dan’amu.

Also listed are Archlight and its directors, including Taiwo Afolabi, Mr. Tunde Afolabi, Mr. Rotimi Oyekan, and Mr. Deolu Ijose.

The contempt action, initiated under Form 48 of the Federal High Court Rules, warns the defendants of the consequences of disobeying a valid court order.

Court filings show that on May 27, 2025, UBA sought interlocutory orders restraining AMCON, Polaris Bank, 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 requested a Mareva injunction to freeze all transactions concerning IBEDC’s controlling shares.

Despite the restraining order, UBA alleges that the respondents have continued to act in defiance of the court’s directive, prompting its move to initiate contempt proceedings.

Copies of the notice 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.