• Thu. Jul 18th, 2024

Court Restrains AMCON From Selling IBEDC 

Byadmin

Feb 11, 2023

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 latest ruling on interlocutory injunction sought by defendants in the suit specifically restrained the AMCON otherwise called the receiver and manager of Integrated Energy Distribution and Marketing Limited from alienating, selling or disposing or transferring the IBEDC pending the final determination of the suit before it.

The 11 defendants are the integrated Energy Distribution and Marketing Company Limited (in receivership); John Olatunde Ayeni; Dr. Olusola Ayandele; Personal Legal Representatives of the estate of Captain Idahosa Okunbo (deceased) a.k.a. Captain Hosa Wells Okunbo; Akere Ayanwola; Kayode Ojutiku; Folu Olusanya; Mallam Aliyu Ibrahim; Usman Mohammad; Alhaji Abubakar A. Aminu and IBEDC.

They had dragged AMCON acting through its nominee, Mr A. B. Ogunba, SAN to court where they asked it to determine whether the plaintiff was entitled to remain in possession of, manage, superintend, and exercise all the powers of a Receiver/Manager on all the 1st defendant’s assets 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 whatsoever from the Defendants, their Agents, directors, officers or any persons whosoever?

They also sought the court’s relief on ‘Whether or not the 2nd, 3rd and 4th Defendants and indeed all the other Defendants are liable to the plaintiff for the debts charged against first Defendant’s properties and assets by virtue of their respective personal Guarantees which they issues in the respect of the loan, the subject matter of this suit as well as under sections 48, 49, 50 and 61 of the Act, read together.

The plaintiffs also sought some reliefs which included but not limited to; an order of the court affirming the appointment of the plaintiff as receiver and manager and protecting the powers of the plaintiff to act and continue to act as the Manager through its nominee, Mr. Osayaba Giwa-Osagie, SAN over all the assets of the 1st Defendant charged by virtue of the Deed of Debenture dated 16th August 2013 and Deed of Debenture registered on the 23rd August 2013 as well as the corporate and personal Guarantees given by the 1st to 4th Defendants and is entitled to exercise all the powers of receiver and manager over all the assets of the 1st to 11th Defendants wherever they may be located within the territory of Nigeria including the 1st Defendant’s shares and assets in the 11th Defendant I.e. IBEDC Plc by virtue of the provisions of Sections 48 and 61 of the AMCON act 2010 as amended by the AMCON amendment No 2 l, Act 2019, the provisions of the aforesaid Deed of Debenture and Deed of share Charge as well as the Deed of the Appointment Dated 6th August 2021 and registered at the Corporate Affairs Commission Abuja without interference, obstruction and or hindrance in any manner whatsoever from the Defendants, their Agents, servants, privies or anyone whomsoever.

The counsel to the applicants, Dele Dele Adesina, SAN had in November last year lamented AMCON’s underhand ploy to dispose of IBEDC despite what he described as the issue for determination or subject matter of settlement initiated by both parties. He lamented the attempt by the plaintiff to shut the door of justice against the defendants as it was being attempted in this instance. “My Lord it will be so disastrous if people resort to self-help by hiring the Police, Army, thugs etc when the court is no longer the last hope of helpless citizens. I wonder how this attitude can attract foreign investors when the local ones are being treated like this. A property which formed the basis of adjourning the matter for settlement can now be advertised in a newspaper for sale’.

In granting the injunction sought by the applicants pending final determination of the suit, the court also made the following orders sought by the Applicants that’s the 1st-3rd and 5th-11th Defendants.

‘An order of interlocutory injunction restraining the plaintiff/Respondent whether by themselves and or through their Directors, Managers, Officers, Employees, Servants, Consultants, Attorneys, Agents, Representatives, Privies, however so-called, as well as any person or persons acting under or through their instructions and control from alienating, selling, disposing, or by any means transferring the 11th Defendant or any part of the interests of any of the Defendants and Applicants in the said 11th Defendant , pending the hearing and final determination of this suit.

‘An order of interlocutory injunction restraining the Plaintiff/Respondent whether directly or indirectly through their Directors, Managers, Officers, Employees, Servants, Consultants, Attorneys, Agents, Representatives, Privies, however so-called as well as any person acting under their instructions and control, from taking any steps whatsoever and howsoever which are or may be antithetical, inimical and or adverse to the rights and interests of the Defendants/Applicants in the 11th Defendant pending the hearing and final determination of this suit,.

It would be recalled that AMCON took over the management of the IBEDC following the judgement by a Federal High Court on September 8, 2021, which granted orders in its favour as Receiver/Manager of Integrated Energy Distribution and Marketing (IEDM) Limited, IBEDC’s core investor, over default in Loan Service Agreement.

Source: NAN

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