Justice Inyang Ekwo of the federal high court, Abuja Division has ordered the AEDC and the attorney general of the federation and others to maintain status quo pending the hearing of the motion on notice over the alleged takeover of AEDC.
Justice Ekwo made the order today following an ex-parte motion moved by counsel to CEC Africa investment limited and KANN Utility Company seeking an order of the court restraining the AGF and others from interfering with the operations of AEDC.
While CEC Africa Investment limited and KANN utility company limited are the plaintiffs in the suit marked: FHC/ABJ/CS/1557/2021, the AGF, Central Bank of Nigeria, Bureau of public enterprise, ministry of finance incorporated, Abuja Electricity Distribution Company (AEDC), United Bank for Africa (UBA) and United capital trustees limited are the 1st- 7th defendants respectively.
What happened in court
CEC Africa investment limited and KANN Utility Company Limited had instituted a suit on December 8, against the Attorney-General of the Federation and others seeking for an order of the court restraining them from interfering with the operations and management of AEDC.
In an ex-parte motion brought pursuant to order 26 rule 6,7 8,9 and 10 of the federal high court rules 2019, the plaintiffs are seeking an order of the court restraining the 1st-4th defendants from taking any steps which may transfer, forfeit, reduce, takeover, foreclose or dilute 60 percent shareholding of the 2nd plaintiff (KANN) in AEDC.
They are also seeking “an order of interim injunction restraining the 1st to 4th defendant whether by themselves, their servants, agents, privies and others from interfering with the operations and management of the 5th defendant whether by effecting a change of its current board composition or by making any changes in its management.”
“An order of interim injunction restraining the 1st to 4th defendant whether by themselves, their servants, agents, privies and others from taking any steps which May transfer, or forfeit or reduce, or takeover or foreclose or dilute the 60 per cent shareholding of the 2nd plaintiff in the 5th defendant in any manner whatsoever or which May constrain, impede, limit or restrict the 2nd plaintiff ability to exercise its full rights over the shares pending the hearing and determination of the motion on notice for interlocutory injunction filed.
“An order interim injunction restraining the 6th and 7th defendant whether by themselves, their servants, agents, privies and others from taking any steps to enforce the All Asset debenture issued in their favour by the 2nd defendant or enforcing any other security against the 2nd defendant whether by appointing a receiver or receiver/manager or by forclosure or in any other manner attempting to take over the business of the 2nd plaintiff or its shares in the 5th defendant pending the hearing and determination of the motion on notice.”
Justice Ekwo after hearing the motion, ordered both the plaintiffs and the defendants to maintain status quo ante bellum pending the next date of hearing. He then adjourned the matter to December 20 for a hearing of the motion on notice.
In case you missed it
Nairametrics had earlier reported that the Bureau of Public Enterprises (BPE) announced a 5-member interim management team for the Abuja Electricity Distribution Company (AEDC) following the crisis rocking the Distribution Company.
Recall that Nairametrics also reported that the Office of the Presidency denied reports that President Buhari sacked the management of the Abuja Electricity Distribution Company (AEDC) over poor operations caused by its workers’ strike.
