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The Asset Management Corporation of Nigeria (AMCON) is not allowed to sell the Ibadan Electricity Distribution Company (IBEDC) Plc, according to the Federal High Court in Lagos. Justice…
The Asset Management Corporation of Nigeria (AMCON) is not allowed to sell the Ibadan Electricity Distribution Company (IBEDC) Plc, according to the Federal High Court in Lagos.
IBEDC and the other 10 defendants in the lawsuit asked for an interlocutory injunction, and Justice Chukwujekwu Aneke granted it, particularly prohibiting AMCON from “alienating, selling, disposing, or transferring the IBEDC awaiting the final outcome of the litigation before it.”
The 11 defendants are John Olatunde Ayeni, Dr. Olusola Ayandele, the Personal Legal Representatives of the Estate of Captain Idahosa Okunbo, also known as Captain Hosa Wells Okunbo, the Integrated Energy Distribution and Marketing Company Limited (in receivership), Akere Ayanwola, Kayode Ojutiku, Folu Olusanya, Mallam Aliyu Ibrahim, Usman Mohammad, Alhaji
To determine “whether the plaintiff was entitled to remain in possession of, manage, supervise, and exercise all the powers of a Receiver/Manager on all the assets of the First Defendant under the Deed of Debenture, Deed of Share Charge, the AMCON Act 2010 as amended, and the Companies and Allied Matters Act 2020, without interference, obstruction, and or hindrance in any manner,” they had filed a lawsuit against AMCON acting through its nominee, Mr. A. B. Ogun
In addition, they asked the court to rule on whether “the Second, Third, and Fourth Defendants and indeed all the other defendants are liable to the plaintiff for the debts charged against the First Defendant’s properties and assets by virtue of their respective personal Guaranties which they issue in the respect of the loan, the subject of this suit as well as under sections 48, 49, 50, and 61 of the Act, read together?”
Dele Adesina (SAN), the applicant’s attorney, bemoaned AMCON’s claimed shady scheme to get rid of IBEDC in November 2022 notwithstanding what he called the problem for determination or subject matter of settlement commenced by both parties.
“My Lord, if people turn to self-help by hiring the police, Army, thugs, etc. when the court is no longer the only option left for vulnerable individuals, the results will be so devastating. When local investors are treated with such disrespect, I wonder how this mindset can draw in global investors. A property that served as the foundation for postponing the subject for resolution can now be listed for sale in a newspaper, he had added.
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