United Bank for Africa (UBA) Plc has filed a motion before the Federal High Court in Lagos seeking to be joined in a lawsuit concerning 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 the alleged buyers of IBEDC. The listed defendants are Archlight Nigeria Limited; Mr. Abiodun Jamiu Owonikoko, SAN, of Synergy Attorneys; and the Corporate Affairs Commission (CAC).
Through its counsel, Seni Adio, SAN, the Plaintiff is asking the court to determine several legal questions, including:
Based on the answers, the Plaintiff seeks:
At Friday’s hearing, Seni Adio, SAN, noted that the 3rd Defendant (CAC) had been served but failed to appear. He also revealed that certain court documents were served on May 9, 2025, including a preliminary objection and a motion to discharge an interim order.
Adio also expressed confusion over the interest UBA seeks to protect, stating the issue of the “preferred bidder” was no longer relevant. Nonetheless, he confirmed plans to respond to the motion for joinder.
Representing the 1st Defendant, Babatunde Ogala, SAN, informed the court that all necessary processes had been filed and acknowledged a joinder motion from UBA—one of the lenders to the original mortgagor.
Victor Okpara, SAN, counsel to the 2nd Defendant, confirmed a conditional appearance and the filing of multiple counter affidavits, including one in response to UBA’s joinder application.
Temilolu Adamolekun, representing UBA, stated that the bank’s motion dated May 15, 2025, seeks to protect its significant interest as a lender. He clarified that UBA never sold its interest to AMCON and emphasized that joinder applications take priority over other motions.
Ogala, SAN, countered that a preliminary objection takes precedence. The court, however, declined to resolve the procedural hierarchy immediately, choosing instead to adjourn the case.
UBA’s motion was filed pursuant to Order 9 Rule 24 of the Federal High Court (Civil Procedure) Rules, 2019, and the court’s inherent jurisdiction. The bank seeks an order to be joined as a defendant, citing substantial interest in the subject matter.
In a supporting affidavit, Afamefuna Ogbonna, a UBA staff member, stated that UBA is one of the lenders of a $162.4 million facility granted to Integrated Energy Distribution and Marketing Company Limited (IEDM) for the acquisition of a 60% stake in IBEDC. UBA holds a 21.54% stake in that interest.
UBA contends that AMCON unilaterally took over the role of Facility Agent from Polaris Bank and appointed a receiver for IEDM without consulting other lenders. It argues that AMCON’s sale of IBEDC was unauthorized, undervalued, and executed without lender consent.
UBA insists its joinder is necessary to prevent the court from inadvertently validating what it considers an illegal sale. The affidavit claims the Plaintiff’s claims rest on the premise that the 1st Defendant was the successful bidder for IBEDC’s 60% equity—an assertion UBA disputes.
Justice Musa Kakaki has adjourned the matter for further hearing until July 16, 2025.
