By Ayomide Otitoju
United Bank for Africa (UBA) Plc has approached the Federal High Court in Lagos, seeking to be joined as a defendant in a legal tussle over the contested sale of the Ibadan Electricity Distribution Company (IBEDC).
The suit, marked FHC/L/CS/418/2025, was instituted by 86 Gardens Limited against Archlight Nigeria Limited, Abiodun Jamiu Owonikoko (SAN) of Synergy Attorneys, and the Corporate Affairs Commission (CAC).
The plaintiff, represented by Mr Seni Adio (SAN), is asking the court for declaratory and injunctive reliefs regarding the enforcement of a Share Sales Agreement and a Tripartite Custody Agreement. These agreements relate to the acquisition of a 60% equity stake in IBEDC from the Asset Management Corporation of Nigeria (AMCON).
86 Gardens alleged that Archlight breached the agreement by failing to transfer 50% of its equity as stipulated, and accused Owonikoko, acting as custodian, of withholding critical share transfer documents. The company is demanding the court enforce the terms of the agreement, ensure CAC’s recognition of its stake, and award N100 million in general damages.
At Friday’s hearing, UBA’s counsel, Temilolu Adamolekun, sought the court’s leave to join the case, arguing that the bank holds a 21.54% interest in the 60% stake in IBEDC through a $162.4 million loan extended in 2013 to Integrated Energy Distribution and Marketing Company Limited (IEDM) for the acquisition.
Adamolekun submitted that UBA, as a key lender, has a vested interest in the dispute, particularly after AMCON allegedly unilaterally appointed a receiver and sold IBEDC’s assets without consent from other lenders.
Opposing the application, Adio said the basis of UBA’s interest was unclear, particularly as the issue of the “preferred bidder” had long been resolved. Counsel for the first defendant, Babatunde Ogala (SAN), confirmed receipt of the joinder motion and noted they had filed a preliminary objection, which he argued should take precedence.
Second defendant counsel, Victor Okpara (SAN), informed the court of his conditional appearance and counter-affidavits to both the originating summons and the interlocutory injunction.
Adamolekun responded by emphasizing that the joinder application should take priority to allow the applicant to respond to all pending matters. He insisted that UBA never sold its interest to AMCON, contrary to assertions by other parties.
