Justice Chukwujekwu Aneke of a Federal High Court in Lagos will on December 8 rule on a motion for interlocutory injunction filed by a firm, 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, IEDMCL’s lawyer, Deacon Dele Adesina (SAN) told the court that the sole aim of the motion 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 said parties were before the court on October 24, 2022 and disclosed that they are still exploring amicable settlement of the matter.
He, however, added that while parties were in court and also exploring a 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 asset of Ibadan Disco until the final determination of the substantive suit which was instituted by AMCON through the Receiver Manager nominee.
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 $38 million apart from the accrued interest.