The Federal High Court in Lagos has restrained the Asset Management Corporation of Nigeria (AMCON) from selling the Ibadan Electricity Distribution Company (IBEDC) Plc.
Justice Chukwujekwu Aneke made the latest order while ruling on an application for interlocutory injunction brought by IBEDC and 10 other defendants in the suit through counsel to the applicants, Dele Adesina (SAN).
The judge specifically restrained the AMCON from “alienating, selling or disposing or transferring the IBEDC pending the final determination of the suit before it.”
The 11 defendants are the integrated Energy Distribution and Marketing Company Limited (in receivership); John Olatunde Ayeni; Dr. Olusola Ayandele; Personal Legal Representatives of the estate of Captain Idahosa Okunbo (deceased) a.k.a. Captain Hosa Wells Okunbo; Akere Ayanwola; Kayode Ojutiku; Folu Olusanya; Mallam Aliyu Ibrahim; Usman Mohammad; Alhaji Abubakar A. Aminu and IBEDC.
They sued AMCON acting through its nominee, Mr A. B. Ogunba, (SAN), asking the court to determine “whether the plaintiff was entitled to remain in possession of and exercise all the powers of a Receiver/Manager on all the 1st defendant’s assets under the Deed of Debenture, Deed of Share charge, the AMCON Act 2010 as amended and the Companies and Allied Matters Act 2020, without interference from the defendants.”
They also sought the court’s position on whether or not all the defendants are liable to the plaintiff for the debts charged against 1st defendant’s properties and assets.
On its part, the plaintiffs sought several reliefs including “an order of the court affirming the appointment of the plaintiff as Receiver/Manager and protecting the powers of the plaintiff to act and continue to act as the manager through its nominee, Mr. Osayaba Giwa-Osagie, SAN over all the assets of the 1st defendant charged by virtue of the Deed of Debenture dated 16th August 2013 and Deed of Debenture registered on the 23rd August 2013 as well as the corporate and personal guarantees given by the 1st to 4th Defendants and is entitled to exercise all the powers of Receiver/Manager over all the assets of the 1st to 11th Defendants including the 1st Defendant’s shares and assets in the 11th Defendant I.e. IBEDC Plc.
In his ruling delivered on January 25, 2023, Justice Aneke, granted the injunction sought by the applicants pending final determination of the substantive suit.
Recall that AMCON took over the management of the IBEDC following the judgment by a Federal High Court on September 8, 2021, which granted orders in its favour as Receiver/Manager of Integrated Energy Distribution and Marketing (IEDM) Limited, IBEDC’s core investor, over default in Loan Service Agreement.