The Federal High Court in Lagos has fixed May 16 for a hearing in a suit by 86 Gardens Limited against Archlight Nigeria Limited and two others over its shares in Ibadan Electricity Distribution Company Limited (IBEDC).

Justice Musa Kakaki had granted an interim injunction restraining Archlight Nigeria or its agents from transferring to another party or a third party the 50 per cent equity shareholding already signed over to 86 Gardens.

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

The plaintiff prayed for an order of permanent injunction against the second defendant from releasing to the first defendant or anyone else other than the third defendant, the Share Transfer Forms together with the other accompanying documents signed by the plaintiff and first defendant concerning the sale by AMCON of the 60 per cent ownership interest in IBEDC.

The judge ruled that the interim order subsists pending the hearing determination of the motion for interlocutory injunction.

The second and third defendants are A. J. Owonikoko (SAN) practising under the name and style of Synergy Attorneys, and the Corporate Affairs Commission (CAC).

After listening to Adio’s submissions, Justice Kakaki made an order of interim injunction prohibiting Archlight Nigeria, its agents, directors, officers, privies or nominees from transferring to another party or a third party the 50 per cent equity shareholding in the company, already signed over to 86 Gardens, as represented in the Custody Agreement, Share Sales Agreement, and the Share Transfer Forms together with the other accompanying documents.

In an originating summons, the plaintiff prayed for: “An order of specific performance mandating the first defendant to direct the second defendant to register with the CAC (that is, the third Defendant) the Share Transfer Forms and other accompanying documents already signed by the Plaintiff and first Defendant transferring 50 per cent of the equity and shareholding in the first Defendant to the plaintiff as provided in the SSA.