Egbin, Ikeja Electric, FIPL not in receivership – Management

By Udeme Akpan

Lagos — The management of Egbin Power Plc, Ikeja Electric Plc (IE), and First Independent Power Limited (FIPL) has debunked recent media reports claiming the companies have been placed under receivership.

In a strongly worded statement released on Wednesday, the companies described the claims—based on advertorials published on August 6, 2025—as “false, misleading, and a malicious misrepresentation of facts.”

The controversial advertorials had alleged the appointment of Kunle Ogunba (SAN) as Receiver/Manager over KEPCO Energy Resource Nigeria Limited, NG Power-HPS Limited, and New Electricity Distribution Company, associated with the three operating companies—Egbin Power, FIPL, and Ikeja Electric.

However, Babatunde Osadare, Chief Legal and Regulatory Officer at Ikeja Electric, who spoke on behalf of the management of the three firms, categorically stated:

“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 external Receiver/Manager whatsoever.”

He further explained that the assertions in the advertorials go against subsisting court rulings issued by Justice Akintayo Aluko of the Federal High Court, Lagos, on August 5, 2025. The rulings (Suit Nos. FHC/L/CS/1242, FHC/L/CS/1244, and FHC/L/CS/1245) explicitly restrained the lenders and their purported Receiver/Manager from taking any adverse steps regarding the entities.

The court, Osadare added, prohibited the Receiver/Manager from:

Accelerating any disputed loan facility before its maturity;

Interfering with the assets or operations of the power companies;

Enforcing share security or finance documents related to the disputed debt.

Describing the publications as an attempt to subvert the course of justice, he urged the public, customers, partners, regulators, and stakeholders to disregard the claims entirely, assuring that the matters are already before the courts and will be resolved through due legal process.

“We remain fully operational, financially stable, and firmly under the control of our legitimate management,” Osadare stated.

He reaffirmed the companies’ commitment to powering Nigerian homes, businesses, and communities, saying: “Our focus remains on providing reliable electricity and advancing Nigeria’s critical power infrastructure. We trust in the Nigerian judicial system to resolve the underlying disputes fairly.”

The clarification comes amid growing stakeholder concern following the misleading reports, which industry observers fear could undermine public confidence in the affected companies and the broader power sector.

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