Egbin Power Plc, Ikeja Electric Plc (IE), and First Independent Power Limited (FIPL) have refuted false media reports based on misleading advertorials published in ThisDay newspaper on August 6, 2025, which alleged the appointment of “Kunle Ogunba Esq., SAN” as Receiver/Manager over the entities.
The management of the power companies stated that the publications, in direct contradiction 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.
These entities operate the following companies: 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,” said Babatunde Osadare, Chief Legal and Regulatory Officer, Ikeja Electric, speaking on behalf of the companies’ management.
Osadare described the claims as not only false but “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, and FHC/L/CS/1245), Honourable Justice Akintayo Aluko of the Federal High Court, Lagos, explicitly restrained the Lenders and their purported Receiver/Manager from taking any adverse actions.
He noted that the rulings specifically prohibit the purported Receiver/Manager from:
Accelerating the disputed loan facility before its maturity;
Interfering in any manner with the assets, businesses, or operations of the power entities, including their operational accounts;
Enforcing any share security over the assets of the power entities or their sponsors, based on the disputed debt;
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 ThisDay advertorials, as well as any related and misleading press releases. The core matters referenced are currently being litigated, and the Lenders—represented by the purported Receiver/Manager—have formally submitted to the Court’s jurisdiction,” Osadare stated.
Reassuring all stakeholders, he affirmed that the power companies remain fully committed to the growth and development of Nigeria’s power sector, and to their vital role in reliably powering homes, businesses, and communities across the country.
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.”
INN-HOUSE☆ 