A Federal High Court in Abuja has fixed September 9, 2025, to hear a suit filed by a civil society group challenging the planned sale of a 60% equity stake in the Ibadan Electricity Distribution Company (IBEDC) by the Asset Management Corporation of Nigeria (AMCON) for $62 million.

The African Initiative Against Abuse of Public Trust is contesting the transaction, describing it as “secretive, illegal, and corruptly undervalued.” The group argues that the proposed sale would result in a $107 million loss, given that the same stake was originally acquired for $169 million during the 2013 power sector privatisation.

In the suit marked FHC/ABJ/CS/866/2025, AMCON, the Bureau of Public Enterprises (BPE), the Nigerian Electricity Regulatory Commission (NERC), and IBEDC are listed as the 1st to 4th defendants.

Filed on May 5 through counsel Chibuzor C. Ezike, the plaintiff is seeking an order halting the sale. It argues that AMCON, having assumed control of the shares through receivership, holds the equity in trust for Nigerians and cannot 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; The 60% IBEDC stake must not be sold for less than $169 million, the original purchase price.

According to the plaintiff, the proposed N100 billion ($62 million) deal violates procurement laws, lacks transparency, and prioritises private interests over the 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 minimum acceptable sale price; An order nullifying any sale below that amount; A restraining order against BPE and NERC from approving or consenting to such a transaction; An order setting aside any attempted or concluded sale conducted in breach of these conditions; and Legal costs awarded as deemed appropriate.

At Thursday’s proceedings, Chibuzor Ezike appeared for the plaintiff. Lukman Fagbemi (SAN), David Essien, and Victor Ogbanachi represented the 1st to 3rd defendants. The 4th defendant (IBEDC) was not represented.

Ezike informed the court he had received court processes from the defendants and requested a date to respond and commence hearing.

Justice Emeka Nwite adjourned the matter to September 9, 2025, for hearing, setting the stage for the crucial IBEDC stake sale suit to proceed.