The federal high court in Lagos has restrained Asset Management Corporation of Nigeria (AMCON), Polaris Bank Limited, and Archlight Nigeria Limited from taking any step that could affect a pending suit brought by United Bank for Africa (UBA).
Gatekeepers News News reports that the directive, dated August 18, 2025, was issued by Justice Dehinde Dipeolu after submissions from UBA’s counsel, Gbenga Akinde-Peters and A. Olusola. AMCON was represented by Chika Agbu (SAN), while Babatunde Ogala (SAN) appeared for Archlight.
In his order, Justice Dipeolu instructed all parties to respect the judicial process patiently and adjourned the matter until October 2, 2025, for hearing of the motion.
The judge also barred both plaintiffs and defendants from taking actions that might render the case ineffective.
Meanwhile, UBA has initiated contempt proceedings against AMCON, some of its executives, and directors of Archlight, accusing them of disobeying an earlier restraining order.
The bank is asking the court to commit AMCON’s managing director, Gbenga Alade, along with three executive directors: Lucky Adaghen, Adeshola Lamidi, and Aminu Mukhtar Dan’amu.
Others named in the contempt suit include Archlight and its directors: Taiwo Afolabi, Tunde Afolabi, Rotimi Oyekan, and Deolu Ijose.
The application, filed under Form 48 of the federal high court rules, cautions the respondents on the consequences of violating a valid order.
On May 27, 2025, UBA had requested interlocutory orders preventing AMCON, Polaris, and Archlight from selling or transferring the 60 percent equity of Integrated Energy Distribution and Marketing Limited (IEDM) in the Ibadan Electricity Distribution Company (IBEDC). The bank also sought a Mareva injunction to freeze all transactions tied to IBEDC’s controlling shares.
UBA insists that despite this subsisting order, the defendants have continued to act in defiance, which led to the fresh contempt action.
Copies of Form 48 have since been served on AMCON, its executives, and Archlight at their offices in Lagos and Abuja, as well as on the listed directors.
