A Federal High Court, Lagos, has fixed May 16, for hearing of the suit filed by a company, 86 Gardens Limited against Archlight Nigeria Limited and two others, over alleged transfer of its shares to another firm.

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

Justice Kakaki made the order after hearing Mr. Seni Adio (SAN) move the ex parte motion with accompanying processes on behalf 86 Gardens Limited in the suit marked FHC/L/CS/418/2025.

The judge ruled that the interim order stands pending the hearing and determination of the accompanying motion for Interlocutory Injunction.

Listed as second and third defendants in the suit marked FHC/L/CS/418/2025, are A. J. Owonikoko (SAN) practised under the name and style of Synergy Attorneys, and the Corporate Affairs Commission (CAC).

In urging the court to grant the motion, Adio supported the motion with an affidavit deposed to by Oladipo Lawore, an Investment Analyst and one of the promoters of the plaintiff, written address and some documentary exhibits.

Justice Kakaki, after listening to Adio’s submission, and perusing the accompanying documents, granted the order as prayed.

Specifically, Justice Kakaki prohibited Archlight Nigeria Limited, 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 Limited, as represented in the Custody Agreement, Share Sales Agreement, and the Share Transfer Forms together with the other accompanying documents.

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This includes other security documents contingent only upon its emergence as a preferred bidder by the Asset Management Corporation of Nigeria (AMCON) with respect to the sale of 60 per cent of the ownership interest in the Ibadan Electricity Distribution Company Ple (IBEDC).

The orders will subsist pending the hearing and determination of the accompanying motion for Interlocutory Injunction.

In an originating summons, the plaintiff is asking the court to determining the following questions:

“Whether the 1st defendant breached the Share Sales Agreement (SSA) between the 1st defendant and the plaintiff dated July 2024 by failing and otherwise refusing to transfer 50 per cent of the equity and shareholding in the 1st defendant to the plaintiff as provided in the SSA.

“Whether the 2nd defendant breached the Tripartite Custody Agreement amongst the plaintiff, 1st defendant and 2nd defendant by failing and otherwise refusing to release the Share Transfer Forms and other accompanying documents already signed by the plaintiff and 1st defendant to the plaintiff or, alternatively, filing the Security Documents with the CAC in accordance with the parties’ agreement in the event that the 1st defendant emerged as the preferred bidder with respect to the 1st defendant’s bid to acquire 60 per cent of the ownership interest in the IBEDC pursuant to the sale by the (AMCON,” among other prayers.