Court Restrains Archlight From Transferring IBEDC Shares Until Interlocutory Motion Hearing

Prior to the hearing date, Justice Musa Kakaki granted an interim injunction restraining Archlight Nigeria Limited or its agents from transferring to another party or third party the 50 percent equity shareholding in the company, which had already been signed over to 86 Gardens Limited.

Justice Kakaki issued the order after hearing Mr. Seni Adio (SAN) move an ex parte motion with accompanying processes on behalf of 86 Gardens Limited in the suit marked FHC/L/CS/418/2025.

The judge ruled that the interim order would remain in place pending the hearing and determination of the accompanying motion for an interlocutory injunction.

Listed as the second and third defendants in the suit are A. J. Owonikoko (SAN), practicing under the name Synergy Attorneys, and the Corporate Affairs Commission (CAC).

In urging the court to grant the motion, Adio informed the judge that the application was made pursuant to Order 26 (A) Rules 1, 2, and 3, and Order 26 Rule 6 of the Federal High Court Civil Procedure Rules 2019, as well as under the court’s inherent jurisdiction.

The motion was supported by an affidavit deposed to by Oladipo Lawore, an investment analyst and one of the promoters of the plaintiff, 86 Gardens Limited (popularly known as 86G), along with a written address and documentary exhibits.

After reviewing the submission and supporting documents, Justice Kakaki granted the order as requested.

Specifically, the court issued an interim injunction prohibiting Archlight Nigeria Limited, its agents, directors, officers, privies, or nominees from transferring to another party or third party the 50 percent equity shareholding in the company, which had already been signed over to 86 Gardens Limited. This was based on the Custody Agreement, Share Sales Agreement, and Share Transfer Forms, along with other related documents (collectively referred to as the “Security Documents”), contingent upon its emergence as the preferred bidder by AMCON in the sale of 60 percent ownership interest in IBEDC.

In an originating summons filed pursuant to Order 3 Rule 6 of the Federal High Court (Civil Procedure) Rules 2019, the plaintiff, 86G, is seeking the court’s determination on the following questions:

If these questions are answered in the affirmative, the plaintiff seeks the following reliefs:

The matter is set for hearing on May 16, 2025.