Court To Hear CSO's Case Against AMCON's $62m IBEDC Stake Sale Sept 9 - Independent Newspaper Nigeria
The Federal High Court in Abuja has scheduled a hearing for September 9, 2025, in a suit filed by the African Initiative Against Abuse of Public Trust, a civil society organisation, challenging the controversial sale of a 60% stake in the Ibadan Electricity Distribution Company (IBEDC) by the Asset Management Corporation of Nigeria (AMCON) for a reportedly undervalued sum of $62 million.
The African Initiative Against Abuse of Public Trust is contesting the transaction, calling it “secretive, illegal, and corruptly undervalued.”
The CSO claims that the alleged sale would result in a $107 million loss, as the same stake was originally purchased for $169 million during the 2013 power sector privatisation.
The plaintiffs in FHC/ABJ/ CS/866/2025 named AMCON, the Bureau of Public Enterprises (BPE), the Nigerian Electricity Regulatory Commission (NERC), and IBEDC as the first through fourth defendants.
The plaintiff filed a lawsuit on May 5 through counsel Chibuzor C. Ezike, seeking an order to halt the sales.
It claims that AMCON, having taken control of the shares through receivership, holds the equity in trust for Nigerians and is unable to sell it below the 2013 valuation.
The group is asking the court to declare that AMCON is legally obligated to act in the best interest of the Nigerian public.
“That the 60% IBEDC stake cannot be sold for less than $169 million, the original purchase price.”u
According to the plaintiff, the proposed N100 billion ($62 million) transaction violates procurement laws, lacks transparency, and prioritises private interests over public good.
Other reliefs sought include: “a declaration that AMCON holds the IBEDC stake in trust for the Nigerian public.”
“A declaration that the $169 million valuation remains the lowest acceptable sale price;
“An order voiding any sale less than that amount;
“A restraining order prohibiting BPE and NERC from approving or consenting to such a transaction
“An order setting aside any attempted or concluded sale carried out in violation of these conditions;
“And the costs of filing the lawsu
At the suit is resumed hearing on Thursday, Chibuzor Ezike represented the plaintiff, while Lukman O. Fagbemi (SAN), David Essien, and Victor Ogbanachi represented the first through third defendants. The fourth defendant (IBEDC) was not represented.
You Might Be Interested In
Titilope Joseph
Titilope Joseph has a Diploma and a Bachelor’s degree in Mass Communication, both from the Olabisi Onabanjo University, Ago-Iwoye, Ogun State. Since 2010, she has covered the entertainment and society beats. She currently covers the Judiciary for Independent.
