The Federal High Court in Lagos has upheld the appointment of Kunle Ogunba, as Receiver/Manager over Ikeja Electricity Distribution Company (IKEDC), KEPCO Energy Resources Nigeria Limited, and KEPCO’s 70 percent controlling interest in Egbin Power Plc.
This decision came as part of a debt recovery suit filed by 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. Presiding over the matter, Justice Akintayo Aluko affirmed Ogunba’s appointment as Receiver/Manager of IKEDC and KEPCO.
FBNQuest Trustees Ltd, citing a 2013 security agreement registered with the Corporate Affairs Commission (CAC) on January 22, 2014, had initially appointed Ogunba to the receivership role on June 19, 2025.
In suit numbers FHC/L/CS/1242/2025, FHC/L/CS/1244/2025, and FHC/L/CS/1245/2025, KEPCO Energy Resources Nigeria Limited, New Electricity Distribution Company Limited, and NG Power-HPS Limited had challenged the takeover of the electricity distribution company. However, Justice Aluko, in his ruling, dismissed the objections and declared the appointment of Ogunba a “completed act.”
While the court has adjourned the case until October 20, 2025 for further proceedings, the receivership issued a formal notice instructing all debtors of KEPCO and its subsidiaries to preserve assets pending further directives.
Ogunba also called on all creditors to submit their proof of claims within 14 days from August 6, 2025.
He further directed all financial institutions and regulatory agencies, including the Nigerian Bulk Electricity Trading Plc (NBET), Nigeria Electricity Supply Industry Stabilisation Security Ltd. (NESISSL), Nigerian Electricity Regulatory Commission (NERC), and the Bureau of Public Enterprises (BPE), to freeze and safeguard all deposits, shares, and accounts associated with KEPCO and Ikeja Electric until further orders from the court.