The United Bank for Africa Plc (UBA) has filed contempt proceedings against the Asset Management Corporation of Nigeria (AMCON), its top executives, and directors of Archlight Nigeria Limited, accusing them of disobeying a subsisting Federal High Court order restraining the sale of a majority stake in the Ibadan Electricity Distribution Company (IBEDC).
According to court filings in Lagos, UBA is seeking the committal to prison of AMCON’s Managing Director/Chief Executive Officer, Mr. Gbenga Alade, along with three executive directors — Mr. Lucky Adaghen, Mr. Adeshola Lamidi, and Dr. Aminu Mukhtar Dan’amu.
Also listed are Archlight Nigeria Limited and its directors, including Taiwo Afolabi, Mr. Tunde Afolabi, Mr. Rotimi Oyekan, and Mr. Deolu Ijose.
The contempt proceedings, initiated under Form 48 of the Federal High Court Rules, warn the defendants of the consequences of disobeying a valid order of the court.
On August 1, 2025, Justice D. I. Dipeolu of the Federal High Court, Lagos, granted UBA leave to be heard during the court’s vacation on its substantive motion.
The bank had earlier, on May 27, 2025, filed an application seeking interlocutory orders to restrain AMCON, Polaris Bank, and Archlight Nigeria Limited from selling or divesting Integrated Energy Distribution and Marketing Limited’s (IEDM) 60 percent equity in IBEDC.
UBA is also asking for a Mareva injunction to freeze all transactions concerning IBEDC’s controlling shares.
Despite the restraining order, UBA alleged that the respondents have continued to take steps in disregard of the court’s directive.
This, the bank claims, necessitated its move to commit the parties to prison for contempt.
Court documents show that copies of the notice of consequence of disobedience (Form 48) have already been issued for service on AMCON, its executives, and Archlight Nigeria Limited at their Lagos and Abuja offices, as well as on the named directors.
UBA maintains that the sale of IEDM’s 60 percent controlling stake in IBEDC is unlawful and contrary to due process.
Earlier, on August 18, 2025, Justice Dehinde Dipeolu of the Federal High Court in Lagos had ordered AMCON, Polaris Bank, and Archlight Nigeria Limited to refrain from taking any step capable of rendering the pending suit by UBA nugatory.
The order followed submissions by UBA’s counsel, Mr. Afamafuna Egbuna, while Dr. Chika Agbu (SAN) and Babatunde Ogala (SAN) represented the first and third defendants, respectively.
The court’s ruling partly reads “That it is hereby ordered that parties — Plaintiffs and the Defendants — shall respect the judicial process patiently and abide by the next adjourned date, October 2, 2025, fixed for hearing of the Motion on Notice.
That Plaintiffs and Defendants are directed to refrain from taking any steps or doing anything that will render the eventual outcome of the pending applications nugatory.”
The matter is now adjourned to October 2, 2025, for hearing of the substantive motion.
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