The Federal High Court in Lagos has issued an interim injunction preventing the transfer of 50 percent equity shares in the Ibadan Electricity Distribution Company (IBEDC) amid a heated ownership dispute.
The injunction was granted following a lawsuit filed by 86 Gardens Limited against Archlight Nigeria Limited and two others over the alleged unauthorized transfer of its shares.
Justice Musa Kakaki granted the interim order after hearing an ex parte motion moved by Seni Adio (SAN) on behalf of 86 Gardens Limited.
The order restrains Archlight Nigeria Limited, its agents, and affiliates from transferring the contested shares to any third party, pending the hearing of a motion for interlocutory injunction on May 16, 2025.
The lawsuit stems from a Share Sales Agreement signed in July 2024, which allegedly transferred 50 percent equity and shareholding in IBEDC to 86 Gardens Limited. The plaintiff claims that Archlight Nigeria Limited breached the agreement by failing to complete the transfer as stipulated.
In addition, the plaintiff accuses the second defendant, Abiodun J. Owonikoko (SAN) of Synergy Attorneys, of breaching a Tripartite Custody Agreement by refusing to release or register the share transfer documents with the Corporate Affairs Commission (CAC), despite AMCON’s sale of a 60 percent stake in IBEDC.
86 Gardens Limited is seeking specific performance to mandate the registration of the share transfer documents, as well as ₦100 million in general damages against Archlight Nigeria Limited.
The plaintiff also seeks a permanent injunction to prevent the defendants from transferring the disputed shares to any other party.
Justice Kakaki’s ruling preserves the status quo, ensuring that no further transfer of the shares occurs until the court resolves the motion for interlocutory injunction.
The case has drawn significant attention as it highlights the complexities of corporate transactions and the legal battles that can arise when agreements are allegedly breached.
