Egbin Power, Ikeja Electric, First Independent Power Ltd not in receivership —Management

CONTRARY to the news making the round, Egbin Power Plc, Ikeja Electric Plcm (IE) and First Independent Power Limited (FIPL), have refuted media reports al- leging the appointment of “Kunle Ogunba Esq. SAN” as Receiver/Manager over the entities.

This was contained in a statement on Wednesday by the Chief Legal and Regu- latory Officer, Ikeja Electric, Babatunde Osadare, on be- half of the power compa- nies’ management.

Response from the man- agement followed the re- port that Ikeja Electricity Dis- tribution Company (IKEDC), KEPCO Energy Resources Nigeria Limited, and its 70 per cent controlling stake in Egbin Power Plc, had fallen under receivership as the Federal High Court in Lagos affirmed the appointment of Kunle Ogunba, SAN, as Receiver/Manager due to unpaid debts owed to 12 creditor banks.

However, the power companies said the publications, contrary to a subsisting court ruling, “erroneously claimed the appointment of a Receiver/Manager over KEPCO Energy Resource Nigeria Limited, NG Power HPS Limited, and New Electricity Distribution Company, with operating companies as follows: KEPCO (Egbin Power), NG Power-HPS Limited (FIPL) and New Electricity Distribution Company (Ikeja Electric).”

“We state unequivocally and for the record that Egbin Power Plc, First Independent Power Limited, and Ikeja Electric Plc are absolutely not in Receivership, and their assets, businesses, or undertakings are not under the management of any ex- ternal Receiver/Manager whatsoever,” Babatunde Osadare, Chief Legal and Regulatory Officer, Ikeja Electric, said on behalf of the power companies’ Manage- ment.

Osadare said the claims were not only false, but “represent a gross misrep- resentation of facts and a malicious attempt at selfhelp designed to subvert the course of justice.”

According to him, in de- finitive rulings delivered on August 5, 2025 (Suit Nos. FHC/L/CS/1242, FHC/L/ CS/1244, FHC/L/CS/1245), the Honorable Justice Akintayo Aluko of the Federal High Court in Lagos explicitly restrained the Lenders and their purported Receiver/Manager from taking any adverse actions. Osadare said the rulings specifically prohibits the purported Receiver/Manager from: accelerating the disputed loan facility before its maturity; interfering in any manner with the assets, businesses, or undertakings of the Power Entities, including operational accounts; enforcing any share security over the assets of the Power Entities or their sponsors, based on the disputed debt; or unilaterally enforcing any finance documents related to the disputed debt.

ALSO READ TOP STORIES FROM NIGERIAN TRIBUNE