The Federal High Court in Lagos has restrained the Asset Management Corporation of Nigeria (AMCON), Polaris Bank Limited, and Archlight Nigeria Limited from taking any steps that could affect the subject matter of a pending suit filed by the United Bank for Africa (UBA) Plc.
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Justice Dehinde Dipeolu issued the order on August 18, 2025, following submissions by UBA’s counsel, Gbenga Akinde-Peters and A. Olusola. Dr. Chika Agbu, SAN, appeared for the first defendant, while Babatunde Ogala, SAN, represented the third defendant.
In her ruling, Justice Dipeolu directed all parties to “respect the judicial process patiently” and adjourned the matter to October 2, 2025, for hearing of the substantive motion. She further barred both plaintiffs and defendants from taking steps that could render the pending applications nugatory.
Meanwhile, UBA has initiated contempt proceedings against AMCON, some of its top executives, and directors of Archlight Nigeria Limited for allegedly flouting an earlier restraining order of the court.
The bank is seeking the committal to prison of AMCON’s Managing Director/Chief Executive Officer, Mr. Gbenga Alade, alongside three executive directors: Mr. Lucky Adaghen, Mr. Adeshola Lamidi, and Dr. Aminu Mukhtar Dan’amu. Also listed in the contempt action are Archlight Nigeria Limited and its directors, including Taiwo Afolabi, Mr. Tunde Afolabi, Mr. Rotimi Oyekan, and Mr. Deolu Ijose.
The contempt proceedings, filed under Form 48 of the Federal High Court Rules, warn the respondents of the legal consequences of disobeying a subsisting court order.
Court documents reveal that on May 27, 2025, UBA applied for interlocutory orders restraining AMCON, Polaris Bank, and Archlight from selling or divesting Integrated Energy Distribution and Marketing Limited’s (IEDM) 60 percent equity in the Ibadan Electricity Distribution Company (IBEDC). The bank further sought a Mareva injunction to freeze all transactions relating to IBEDC’s controlling shares.
Despite the restraining order, UBA alleges that the respondents continued to act in disregard of the directive, prompting the initiation of contempt proceedings. Notices of the consequence of disobedience (Form 48) have already been issued for service on AMCON, its executives, and Archlight at their offices in Lagos and Abuja, as well as on the listed directors.
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