Oredola Adeola
Egbin Power Plc, Ikeja Electric Plc (IE), and First Independent Power Limited (FIPL) have dismissed media claims alleging the appointment of Kunle Ogunba, SAN, as Receiver/Manager over their operations.
The companies stated that the claims stemmed from advertorials published in ThisDay Newspapers on August 6, 2025, which suggested that the Senior Advocate had been appointed to oversee the three entities.
Advisors Reports had earlier published the story, referencing a court judgment on the matter, which was further corroborated by credible sources within the Nigerian Electricity Regulatory Commission (NERC).
In a statement obtained by Advisors Reports on Wednesday, Babatunde Osadare, Chief Legal and Regulatory Officer of Ikeja Electric, clarified the situation and confirmed that the reports were misleading
The management said that 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 external Receiver/Manager whatsoever,” Babatunde Osadare,
Chief Legal and Regulatory Officer, Ikeja Electric, said on behalf of the power companies’ Management.
Osadare said the claims were not only false, but “represent a gross misrepresentation of facts and a
malicious attempt at self-help designed to subvert the course of justice.”
According to him, in definitive 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.
“We therefore urge the general public, our valued customers, financial partners, regulators, and all
stakeholders to completely disregard the falsehoods presented in the aforementioned This Day
advertorials and any related, unfolding misleading press releases.
He further stated that the core matters referenced are
actively being litigated and the Lenders, represented by the purported Receiver/Manager, have
formally submitted to the Court’s jurisdiction.
Reassuring all stakeholders, Osadare said the power companies emphatically reaffirm their steadfast
commitment to the development of the nation’s Power Sector and their vital role of responsibly
powering homes, communities, and businesses across the nation.
He added; “Egbin Power, First Independent Power, and Ikeja Electric remain fully operational, financially stable, and firmly under the control of their legitimate management.
“Our focus remains unwavering on our core mission: providing reliable electricity and driving the growth of Nigeria’s critical power sector.
The companies emphasized that they have full confidence in the Nigerian judicial system to fairly resolve the underlying disputes.
