kakalistiq.com reports that the Management of Egbin Power Plc, Ikeja Electric Plc (IE), and First Independent Power Limited (FIPL) has firmly denied recent media claims suggesting that the companies have been placed under receivership.
This follows a misleading advertorial published in This Day Newspaper on August 6, 2025, which alleged the appointment of “Kunle Ogunba Esq. SAN” as Receiver/Manager over KEPCO Energy Resource Nigeria Limited, NG Power-HPS Limited, and New Electricity Distribution Company affiliated with Egbin Power, FIPL, and Ikeja Electric respectively.
The management of the affected companies clarified that the publication contradicts a subsisting court ruling and falsely implies external control over the operating firms.
“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.
He described the reports as a deliberate distortion of facts, crafted to undermine ongoing legal proceedings.
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, the Federal High Court in Lagos, under Justice Akintayo Aluko, had on August 5, 2025, issued clear rulings (Suit Nos. FHC/L/CS/1242, FHC/L/CS/1244, FHC/L/CS/1245) restraining the lenders and the said Receiver/Manager from taking any adverse actions against the power entities.
He emphasized that the court rulings specifically prohibit interference with the assets, businesses, or operational accounts of the companies, enforcement of any disputed share security, or unilateral enforcement of related finance documents.
“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. 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,” Osadare said.
Reiterating the companies’ dedication to their mission, Osadare assured the public that the firms remain strong and committed to their roles in the national electricity supply chain.
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. We have full confidence in the Nigerian judicial system to fairly resolve the underlying disputes.”
