Egbin Power, Ikeja Electric, and First Independent Power Dispute False Reports of Receivership
Egbin Power Plc, Ikeja Electric Plc, and First Independent Power Limited (FIPL) have jointly dismissed recent misleading reports claiming they are under receivership. The claims originated from an advertorial published in This Day Newspapers on August 6, 2025, alleging that Kunle Ogunba Esq. SAN was appointed as Receiver/Manager over these entities.
The management of the companies clarified that these reports are false and contradict existing court rulings. Specifically, the publications falsely suggested that KEPCO Energy Resource Nigeria Limited, NG Power-HPS Limited, and the New Electricity Distribution Company were under receivership, with the alleged appointment of a Receiver/Manager over these companies.
Babatunde Osadare, Chief Legal and Regulatory Officer of Ikeja Electric, stated, “We affirm conclusively that Egbin Power Plc, First Independent Power Limited, and Ikeja Electric Plc are not in receivership. Their assets and operations are under the control of their legitimate management, and no external Receiver/Manager is involved.”
He described the reports as “a gross misrepresentation of facts and a malicious attempt to undermine our companies.” Osadare referenced definitive court rulings issued on August 5, 2025, by Justice Akintayo Aluko of the Federal High Court in Lagos, which explicitly restrained the lenders and any purported Receiver/Manager from taking adverse actions against the companies.
The court rulings prohibit the lenders from accelerating disputed loans, interfering with the companies’ assets or operations, enforcing security interests, or enforcing related financial documents without proper legal process.
Osadare urged the public, customers, regulators, and stakeholders to disregard the false claims and any misleading press releases. He assured that the power companies remain fully operational, financially stable, and under the control of their rightful management.
He emphasized their ongoing commitment to powering Nigeria’s homes and businesses and expressed confidence that the courts will fairly resolve the disputes. “Our focus remains on delivering reliable electricity and advancing Nigeria’s power sector,” Osadare concluded.