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Archlight Nigeria Limited has refuted claims by 86 Gardes Limited over the legitimate ownership and transfer of shares in the Ibadan Electricity Distribution Company (IBEDC). In a statement by it’s legal consultant, Jesuyemisi Odeyemi, Archlight Nigeria Limited asserted it’s full and unencumbered ownership of its equity in IBEDC, secured through a transparent and competitive bid process.

“Archlight Nigeria Limited has full and unencumbered ownership of its equity in IBEDC, secured through a transparent, competitive, and duly recognised bid process,” Odeyemi said. “Contrary to the sensational narrative being pushed by 86 Gardens, the facts remain clear, verifiable, and grounded in documented corporate processes and legal principles.”

Archlight emerged as the preferred bidder for 60% equity in IBEDC offered by the Asset Management Corporation of Nigeria (AMCON) during a competitive bid in 2024. 86 Gardens, the parent company of Africa Plus Partners Nigeria Limited, was designated as a reserved bidder after failing to meet the bid requirements that Archlight successfully fulfilled.

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Following the announcement of Archlight as the preferred bidder, 86 Gardens congratulated the company and made an unsolicited approach to become a co-investor in Archlight, not in IBEDC. Some of Archlight’s shareholders negotiated a deal with 86 Gardens Limited, but the agreement-in-principle reached was kept in escrow pending the fulfillment of terms and conditions, especially the payment of agreed fees for share transfer by 86 Gardens Limited.

Despite multiple deadline extensions, 86 Gardens never made the required financial commitment. Consequently, the co-investment proposal lapsed, and Archlight’s shareholders, who negotiated with 86 Gardens lawfully disposed of their shares to other interested parties in August 2024 and exited the company

“86 Gardens later insisted the custodian of the unfulfilled agreement-in-principle must list it as a shareholder of Archlight despite not making any financial commitment,” Odeyemi stated. This prompted the custodian to convene a meeting of all the parties to explore the possibility of settling the matter. At the meeting, Archlight noted that though 86 Gardens had no legal claim due to its failure to make the agreed financial payment, it would still entertain a co-investment deal acceptable to all the shareholders.

“86 Gardens accepted the agreement deal reached at the meeting and promised to formally revert within one week,” Odeyemi said. “Instead of reverting on the agreement as promised, Archlight was shocked to learn that 86 Gardens had filed a suit at the Federal High Court Abuja challenging the legality of the announcement of Archlight as the preferred bidder instead of its SPV, Africa Plus Partners Nigeria Limited.”

This suit was contested by Archlight and subsequently dismissed on October 21, 2024. “This effectively foreclosed any business relationship between 86 Gardens and Archlight on its share acquisition,” Odeyemi added.

As of now, Archlight has not been served any court papers on the alleged suit, but Odeyemi assured that the company will vigorously defend its reputation and rights through all available legal means. She urged the public and stakeholders to disregard any false impressions being created by 86 Gardens

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