A Federal High Court sitting in Lagos on Wednesday adjourned till December 8, 2022 the ruling in the application for interlocutory injunction filed by Integrated Energy Distribution and Marketing Company Limited (IEDMCL) asking the court to restrain the Asset Management Company of Nigeria (AMCON) from selling the Ibadan Electricity Distribution Company (IBEDC) until the substantive suit before the court is determined.
Moving the application for the interlocutory injunction on Wednesday, Counsel to IEDMCL Mr Dele Adesina, SAN, told the presiding judge, Justice Chukwujekwu Aneke that the sole aim of the application is to preserve the Res until the substantive suit is determined so as not to foist a fait accompli on the court.
Adesina while making his submissions told the court that parties were before the court on 24th of October, 2022 wherein parties informed the court that parties are still exploring amicable settlement of the matter.
He, however added that while parties were in court and also exploring move for settlement, the plaintiff “AMCON” made a publication in the Leadership newspapers advertising move to sell the Ibadan Electricity Distribution Company.
He urged the court to give an order to the effect that nothing should be done as regards the sale or dissipation of the the asset of Ibadan Disco until the final determination of the substantive suit which was instituted by AMCON through the Receiver Manager nominee.
In his reply to the application AMCON counsel , Mr Kunle Ogunba, SAN, accused IEDMCL of trying to hold the hand of AMCON from collecting its money from the applicant. He added that AMCON is not interested in the sale of Ibadan Disco but to divest its shares from the company. He said that is what the Central Bank of Nigeria, CBN and the Bureau of Public Entreprises asked the Reciever Manager to do.
Ogunba also said that the applicant did not file a reply to their originating motion and consequently, they applicant did not have a defense against the Originating motion.
But in his reply on the issue, Adesina said Ogunba did not serve the respondent the Originating summons adding that they only got to know by searching the court file and obtained a certified true copy to which he later filed counter affidavit in opposition to the Originating summons.
While shedding light on the crux of the matter, Adesina said that out of the $162 million borrowed to acquire the Ibadan Electricity Distribution company and Yola Electricity Distribution Company, the applicant has paid $122 million leaving a balance of $38million apart from the accrued interest. The applicant is also claiming $97 million in their counter claim as additional payment due from the Federal Government on the Yola Disco. He then prayed the court to grant the motion for interlocutory injunction to preserve the Res pending the final determination of the suit.
But the judge asked the question, whether any party that has submitted to the jurisdiction of the court can take steps (to sell).
Justice Aneke after listening to counsel to both parties adjourned ruling on the interlocutory injunction till December 8, 2022.
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