12th February, 2023
By Mateen Badru
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 decision on an interlocutory injunction sought by the defendants in the suit specifically prohibited AMCON from alienating, selling, disposing, or transferring the IBEDC until the case was resolved.
Among the 11 defendants are John Olatunde Ayeni, Dr Olusola Ayandele, and personal legal representatives of Captain Idahosa Okunbo’s estate, as well as the integrated Energy Distribution and Marketing Company Limited in receivership.
Others are Akere Ayanwola, Kayode Ojutiku, Folu Olusanya, Mallam Aliyu Ibrahim, Usman Mohammad, Alhaji Abubakar Aminu and IBEDC.
They had taken AMCON to court and asked it to rule on whether the plaintiff was entitled to remain in possession of, manage, and exercise all of the powers of a receiver or manager over all of the first defendant’s assets.
In addition, they asked the court to rule on whether the second, third, and fourth defendants, as well as all other defendants, were liable to the plaintiff for debts charged against the first defendant’s properties and assets.
This is due to their respective personal Guarantees issued in relation to the loan, the subject of this suit, as well as sections 48, 49, 50, and 61 of the Act, read together.
Also, the plaintiffs sought certain reliefs, including, but not limited to, a court order affirming the plaintiff’s appointment as receiver and manager and protecting the plaintiff’s powers to act and continue to act as manager.
Dele Adesina, SAN, the applicants’ counsel, had lamented AMCON’s shady scheme to dispose of IBEDC in November 2022, despite what he described as the issue for determination or subject matter of settlement initiated by both parties.
He bemoaned the plaintiff’s attempt to close the door of justice against the defendants in this case.
The court made the following orders in addition to granting the injunction sought by the applicants pending the final determination of the suit.
It should be noted that AMCON took over the management of the IBEDC on September 8, 2021, following a Federal High Court decision.
This granted orders in its favour as Receiver/Manager of Integrated Energy Distribution and Marketing (IEDM) Limited, IBEDC’s main investor, for Loan Service Agreement default.
NAN