Court restrains AMCON from selling IBEDC

Justice Chukwujekwu Aneke of the Federal High Court, Lagos Judicial Division, has again restrained the Asset Management Corporation of Nigeria, from selling the Ibadan Electricity Distribution Company (IBEDC) Plc.
The court’s ruling on an interlocutory injunction sought by defendants in the suit specifically restrained the AMCON from alienating, selling, disposing or transferring the IBEDC pending the final determination of the suit before it.

The 11 defendants include the integrated Energy Distribution and Marketing Company Limited, Tunde Ayeni, Olusola Ayandele, and personal legal representatives of the estate of Idahosa Okunbo.

Others are Akere Ayanwola, Kayode Ojutiku, Folu Olusanya, Aliyu Ibrahim, Usman Mohammad, Abubakar Aminu and IBEDC.

They sued AMCON and asked the court to determine whether the plaintiff was entitled to remain in possession of, manage and exercise all the powers of a receiver or manager on all the 1st defendant’s assets.

They also sought the court’s relief on whether or not the 2nd, 3rd and 4th defendants and indeed all the other defendants were liable to the plaintiff for the debts charged against the first defendant’s properties and assets.

This is by virtue of their respective personal guarantees which they issue in the respect of the loan, the subject matter of this suit as well as under sections 48, 49, 50 and 61 of the Act, read together.

The plaintiffs also sought some reliefs which included but were not limited to an order of the court affirming the appointment of the plaintiff as receiver and manager and protecting the powers of the plaintiff to act and continue to act as the manager.

The counsel to the applicants, Dele Adesina, had in November 2022 lamented AMCON’s 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.

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In granting the injunction sought by the applicants pending the final determination of the suit, the court also made the following orders sought by the applicants.

It would be recalled that AMCON took over the management of the IBEDC following the judgement by a Federal High Court on 8 September 2021.

This 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.

(NAN)