Archlight Nigeria Dismisses 86 Gardens’ Claims as Baseless, Reaffirms Lawful Acquisition of IBEDC Shares

In a bold and unequivocal statement, Archlight Nigeria Limited has pushed back against what it describes as baseless and misleading claims by 86 Gardens Limited regarding the ownership of shares in the Ibadan Electricity Distribution Company (IBEDC). The company has reaffirmed its position as the legitimate and undisputed majority shareholder of IBEDC, having lawfully acquired 60% equity in a transparent and competitive bidding process overseen by the Asset Management Corporation of Nigeria (AMCON) in 2024.

The controversy stems from a court filing by 86 Gardens, which is also the parent company of Africa Plus Partners Nigeria Limited—a failed bidder in the same AMCON-led process. While Africa Plus was designated as a reserved bidder after failing to meet key requirements, Archlight emerged as the preferred bidder and lawfully secured the equity stake.

According to Jesuyemisi Odeyemi, legal consultant to Archlight, 86 Gardens initially congratulated Archlight and later made an unsolicited offer to co-invest—not directly in IBEDC, but within Archlight itself. A deal-in-principle was negotiated and placed in escrow, with clear terms including the need for 86 Gardens to make a financial commitment for any share transfer. However, after multiple extensions, the company failed to meet its obligations.

As Odeyemi recounted, “After failing to fulfill its financial obligations, 86 Gardens began insisting it be listed as a shareholder, despite not paying a kobo. Even then, Archlight entertained further discussions and reached an agreement that required formal response from 86G. Instead of following through, 86 Gardens took the matter to court, challenging Archlight’s position as the preferred bidder.”

This legal move by 86 Gardens was ultimately dismissed by the Federal High Court, Abuja, in October 2024—effectively closing the door on any potential business relationship between the parties.

Odeyemi emphasized key facts to set the record straight:

• The documents referenced by 86 Gardens were escrowed and conditional on payment.
• No legal or beneficial interest was ever transferred to 86 Gardens.
• The escrow Custodian acted properly by refusing to transfer shares without full compliance.
• A recent ex parte injunction secured by 86 Gardens is viewed as an abuse of judicial process and a ploy to derail a valid business transaction.
• Archlight’s acquisition remains fully intact and supported by all relevant legal and regulatory frameworks.

To date, Archlight has not been served with any court papers regarding the latest suit by 86 Gardens but assures stakeholders that it is prepared to defend its rights vigorously through legal channels.

As the dust settles, Archlight urges the public and business community to disregard any false impressions and remain confident in the rule of law. The company remains focused on driving value through its stake in IBEDC, undeterred by distractions from unsuccessful competitors.