By Justice Musa Kakaki of the Federal High Court, Lagos, has issued an interim injunction restraining Archlight Nigeria Limited (ANL) from transferring its 50 percent equity shareholding in Ibadan Electricity Distribution Company Limited (IBEDC) to any party.
The ruling follows an ex parte motion filed by 86 Gardens Limited, which claims ownership of the shares. The injunction will remain in effect until May 16, when the court will hear the motion for an interlocutory injunction.
The other defendants in the suit include A. J. Owonikoko (SAN), practicing under Synergy Attorneys, and the Corporate Affairs Commission (CAC).
The plaintiff alleges that ANL breached a Share Sales Agreement (SSA) signed in July 2024 by failing to transfer the shares. It also claims the second defendant violated a Tripartite Custody Agreement by withholding signed Share Transfer Forms and related documents.
86 Gardens Limited seeks court orders to enforce the share transfer and an award of N100 million in damages against ANL.
