BusinessCommercial Law

Ibadan Disco: Court stalls AMCON take over bid

fixes November 16, 2022 for definite hearing of the suit

The Federal High Court sitting in Lagos on Thursday adjourned till November 16, 2022 to hear a motion filed by Integrated Energy Distribution and Marketing Company Limited (IEDMCL) challenging the Asset Management Company of Nigeria (AMCON)’s attempted sale of the Ibadan Electricity Distribution Company (IBEDC).

Justice Chukwujekwu Aneke fixed the date following IEDML application filed by its counsel Mr. Dele Adesina, SAN.

Integrated Energy Distribution and Marketing Company Limited is the majority Shareholder and key investor in IBEDC otherwise known as “Ibadan Disco”. In its affidavit filed before the court, the company alleged that despite the pendency of the matter in court, AMCON went ahead to advertise the property for sale, fully aware that a settlement agreement was in the pipeline, which both parties confirmed to the court on October 24.

At the resumption of proceedings, AMCON’s counsel Kunle Ogunba SAN was not in court.

Adesina lamented AMCON’s underhand ploy to dispose of IBEDC despite what he described as the issue for determination or subject matter of settlement initiated by both parties. He lamented the attempt by the plaintiff to shut the door of justice against the defendants as it was being attempted in this instance. “My Lord it will be so disastrous if people resort to self-help by hiring the Police, Army, thugs etc when the court is no longer the last hope of helpless citizens. I wonder how this attitude can attract foreign investors when the local ones are being treated like this. A property which formed the basis of adjourning the matter for settlement can now be advertised in a newspaper for sale;

“I am passionately urging the court to restrain AMCON from doing anything that will render the case pending a nugatory.

Consequently, Justice Aneke fixed November 16, 2022 for definite hearing of the suit. The court also issued a hearing notice.

Integrated Energy Distribution and Marketing Company Limited brought an application before the court praying for an order of interlocutory injunction restraining the Plaintiff/Respondent whether by themselves and/or through others howsoever called, from disposing of, or by any means transferring IBEDC, or any part thereof pending the hearing and determination of this suit.

The company is also seeking an order restraining AMCON from taking any steps which are or may be adverse to its rights and interests.

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