Egbin Power, Ikeja Electric, FIPL Deny Receivership Claims, Assure Stakeholders of Continued Operations
......Power firms say misleading advertorial in clear violation of court order
LAGOS, August 6, 2025 — The management of Egbin Power Plc, Ikeja Electric Plc, and First Independent Power Limited (FIPL) has firmly refuted reports suggesting the companies have been placed under receivership, describing such claims as false, misleading, and legally untenable.
The denial follows a paid advertorial published in This Day newspaper on Tuesday, August 6, 2025, which erroneously cited the appointment of “Kunle Ogunba, SAN” as Receiver/Manager over KEPCO Energy Resource Nigeria Limited, NG Power-HPS Limited, and New Electricity Distribution Company—affiliated respectively with Egbin Power, FIPL, and Ikeja Electric.
Speaking on behalf of the management of the three power companies, Mr. Babatunde Osadare, Chief Legal and Regulatory Officer at Ikeja Electric Plc, stated:
> “We categorically state, for the record, that Egbin Power Plc, First Independent Power Limited, and Ikeja Electric Plc are not in receivership. The companies' assets, businesses, and operations remain fully under the control of their legitimate management and are not subject to any external Receiver/Manager."
Court Ruling Prohibits Receiver/Manager Appointment
Osadare emphasized that the claims in the advertorial directly contravene binding legal rulings delivered by Justice Akintayo Aluko of the Federal High Court in Lagos on August 5, 2025, in Suit Nos. FHC/L/CS/1242, FHC/L/CS/1244, and FHC/L/CS/1245.
According to him, the rulings explicitly restrained the lenders and the purported Receiver/Manager from taking any adverse actions against the companies, including:
Accelerating the disputed loan facility before its maturity;
Interfering in any form with the companies' assets, operations, or accounts;
Enforcing any share security or finance documents related to the disputed debt;
Taking unilateral action without recourse to due judicial process.
> “The publication represents a gross misrepresentation of facts and a malicious act of self-help intended to circumvent the due process of law,” Osadare said, calling on stakeholders to disregard the advertorial and similar press statements.
Companies Remain Financially Stable and Operational
Reassuring customers, partners, and regulators, Osadare said the companies remain financially stable, operational, and fully committed to their mandate of powering Nigerian homes, industries, and communities.
> “We remain steadfast in our mission to provide reliable electricity to Nigerians while contributing meaningfully to the growth and transformation of the power sector,” he said.
He added that the core legal issues referenced in the publications are already before the courts, and the lenders, through the purported Receiver/Manager, have submitted themselves to the court's jurisdiction.
Call for Caution and Respect for Judicial Authority
The companies urged all stakeholders to exercise caution and respect for judicial authority, noting that such misleading claims not only undermine the sector's stability but also risk misleading the public and financial markets.
> “We have full confidence in the Nigerian judicial system to fairly adjudicate this matter. We will continue to uphold the rule of law and resist any actions intended to destabilize the sector through false narratives,” the statement concluded.
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