The United Bank for Africa (UBA) Plc has filed a motion before a Federal High Court in Lagos seeking to join the suit challenging the purported sale of Ibadan Electricity Distribution Company (IBEDC).

  It would be recalled that a firm, 86 Gardens Limited, had filed the suit, marked FHC/L/CS/418/2025, against the alleged buyers of the electricity distribution company.

  Listed as first to third defendants in the suit are Archlight Nigeria Limited, Abiodun Jamiu Owonikoko, a Senior Advocate of Nigeria (SAN) practising under the name and style Synergy Attorneys, and the Corporate Affairs Commission (CAC). The claimant, through its counsel, Seni Adio (SAN), is seeking the determination of the following questions, among others:

  “Whether the first defendant breached the Share Sales Agreement (SSA) between the first defendant and the claimant dated July 2024 by failing and otherwise refusing to transfer 50 per cent of the equity and shareholding in the first defendant to the claimant as provided in the SSA. 

  “Whether the second defendant breached the Tripartite Custody Agreement (TCA) among the claimant, first defendant and second defendant by failing and otherwise refusing to release the share transfer forms and other accompanying documents already signed by the claimants and first defendant collectively.

  “Whether the first defendant exhibited a conflict of interest by failing and otherwise refusing to register with the CAC (the third defendant) the share transfer forms and other accompanying documents already signed by the claimant and first defendant to be registered with the CAC in the event the first defendant emerged as a preferred bidder with respect to the bid to acquire 60 per cent of the ownership interest in IBEDC pursuant to a sale by the Asset Management Corporation of Nigeria (AMCON).”

  Upon answering the questions in the affirmative, the claimant asked the court for anorderdirecting and mandating the second defendant to register with the CAC 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 claimant as provided in the SSA.

  It also wants an order directing the third defendant to accept from the first defendant and or second 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 claimant as provided in the SSA. 

  In addition, it wants an order for N100million general damages against the first defendant. At the resumed hearing on Friday, Adioappeared for the claimant, Babatunde Ogala (SAN) appeared for the first defendant, Victor Okpara (SAN) appeared for the second defendant, while TemiloluAdamolekun appeared for the party seeking to be joined (UBA). 

  Meanwhile, Justice Musa Kakaki has adjourned further hearing of the suit to July 16, 2025.