Advisors ReportsAdvisors Reports
  • News
  • Editorial
  • Feature
  • Special Report
  • Oil & Gas
    • Upstream
    • Midstream
    • Downstream
  • Power
    • Generation
    • Distribution
    • Transmission
  • Renewables
    • Solar
    • Nuclear
    • Hydrogen
  • Extractive Industry
  • Maritime
Search

Archives

  • August 2025
  • July 2025
  • June 2025
  • May 2025
  • April 2025
  • March 2025
  • January 2025
  • December 2024
  • November 2024
  • October 2024
  • September 2024
  • August 2024
  • July 2024
  • June 2024
  • May 2024
  • April 2024
  • March 2024
  • February 2024

Categories

  • Advertorial
  • Concession
  • Distribution
  • Documentary
  • Downstream
  • Editorial
  • Energy Transition
  • Environment
  • Extractive Industry
  • Feature
  • Finance
  • Gas
  • Generation
  • Green Finance
  • Hospitality
  • Hydrogen
  • Hydroplant
  • Impact
  • Interview
  • Local Content
  • Maritime
  • Midstream
  • Mining
  • Mining & Solid Mineral
  • Multilateral Finance
  • News
  • Nuclear
  • Oil
  • Oil & Gas
  • Oil theft
  • Opinion-editorial
  • Photo News
  • Power
  • Renewables
  • Review
  • Sabotage
  • Security
  • Service Company
  • Solar
  • Special Project
  • Special Report
  • Sustainability
  • Technology
  • Transmission
  • Upstream
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Reading: Ikeja Electric, KEPCO, Egbin Power fall Into receivership
Share
Sign In
Notification Show More
Font ResizerAa
Advisors ReportsAdvisors Reports
Font ResizerAa
Search
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
DistributionGenerationNewsPower

Ikeja Electric, KEPCO, Egbin Power fall Into receivership

admin
Last updated: Wednesday, August 6, 2025 1:47:28 PM
admin
Share
3 Min Read
SHARE

… court affirms Ogunba as Receiver/Manager

… Ikeja Electric becomes Nigeria’s 6th DisCo under takeover

Oredola Adeola

Another fresh turbulence hits the power sector as the Federal High Court in Lagos has affirmed the appointment of Kunle Ogunba, SAN, as Receiver/Manager over Ikeja Electricity Distribution Company (IKEDC), KEPCO Energy Resources Nigeria Limited, and its 70% controlling stake in Egbin Power Plc, the nation’s largest generation company.

- Advertisement -
Ad image

The decision, confirmed by Justice Akintayo Aluko, comes after a consortium of 12 creditor banks including Zenith Bank, UBA, FCMB, Union Bank, Sterling Bank, Fidelity Bank, Ecobank, Access Bank, Keystone Bank, First Bank, First Trustees, and FBNQuest Merchant Bank, sought to enforce debts owed by the companies through receivership proceedings.

According to a public notice filed at the Corporate Affairs Commission (CAC), Ogunba was appointed on June 19, 2025, by FBNQuest Trustees Ltd. under a Deed of Appointment referencing a **2013 security agreement registered at the CAC on January 22, 2014.

Justice Aluko, in his ruling on suit numbers FHC/L/CS/1242/2025, FHC/L/CS/1244/2025, and FHC/L/CS/1245/2025, upheld the validity of the appointment, describing it as a “completed act.”

The court declined to dismiss the suit despite objections from the plaintiffs —Kepco Energy Resources Nigeria Limited, New Electricity Distribution Company Limited, and NG Power-HPS Limited— who sought to halt the takeover.

The matter has been adjourned to October 20, 2025 for further mention, but the appointment of the receiver remains in force.

The receivership in a formal notice seen by Advisors Reports directed all debtors of KEPCO and its affiliates to preserve assets pending further directives.

It instructed all creditors to submit proof of claims within 14 days from August 6, 2025.

It also urged banks, financial institutions, and regulators — including the Nigerian Bulk Electricity Trading Plc (NBET), Nigeria Electricity Supply Industry Stabilization Security Ltd. (NESISSL), Nigerian Electricity Regulatory Commission (NERC), and the Bureau of Public Enterprises (BPE); to freeze and preserve all deposits, shares, and accounts of KEPCO and Ikeja Electric until further court orders.

With Ikeja Electric now joining, 6 out of Nigeria’s 11 DisCos are under receivership.

Already five other DisCos including Abuja, Benin, Kaduna, Kano, and Ibadan DisCos were earlier taken over by banks or AMCON under receivership arrangement.

Advisors Reports’ checks also showed that this latest development further exposed the scale of financial exposure of power sector with a ₦2 trillion sector liquidity gap.

 

 

 

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
[mc4wp_form]
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Copy Link Print
Share
Previous Article Verheijen, Ed Ubong, Ayuk, Nwokedi, PETAN Chair others to speak at 2025 Gas Investment Forum
Next Article Egbin Power, Ikeja Electric, FIPL deny Receiver/Manager appointment report
Leave a Comment Leave a Comment

Leave a Reply Cancel reply

You must be logged in to post a comment.

Recent Posts

  • Egbin Power, Ikeja Electric, FIPL deny Receiver/Manager appointment report
  • Ikeja Electric, KEPCO, Egbin Power fall Into receivership
  • Verheijen, Ed Ubong, Ayuk, Nwokedi, PETAN Chair others to speak at 2025 Gas Investment Forum
  • Ojulari, NNPC GCEO, seeks advanced technical partnership to revive PH refinery
  • Nigeria Prize for Literature: CORA, NLNG celebrate 2025 longlisted 11 authors at Lagos book party

Recent Comments

No comments to show.
Follow US
© 2022 AdvisorsReports. All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?