The management of Egbin Power Plc, Ikeja Electric Plc (IE), and First Independent Power Limited (FIPL) has denied being in receivership, adding that the court has warned against “adverse actions” by a party.
This is according to a statement by Babatunde Osadare, Chief Legal and Regulatory Officer of Ikeja Electric, on behalf of the power companies’ management.
Osadare further refuted false media reports alleging the appointment of “Kunle Ogunba Esq. SAN” as Receiver/Manager over the said entities.
He denied the development.
“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,” he added.
He maintained that, “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.”
The Federal High Court has jurisdiction over the creation, formation, and operations of companies, among other company-related matters.
According to the Companies and Allied Matters Act, the various modes for winding up (dissolving) a company are by the court, voluntary winding up, and winding up under the supervision of the court.
In the case of winding up by a court, a petition is filed by a petitioner (another company, creditor, contributory, contractor, etc.) who claims an entitlement based on debt. The court will review the evidence before passing an order for or against the company’s dissolution.
The voluntary winding up of a company is initiated either by its shareholders or creditors, where the company is proven to be insolvent (unable to pay its debts).
A winding up under court supervision occurs when a special resolution by the company is forwarded to the court, asking it to supervise the company’s dissolution.
Recall that the Federal High Court Headquarters had in March 2025 announced the creation of an ‘Insolvency Unit’ for the Court, aimed at addressing the implementation of laws relating to company restructuring and dissolution in Nigeria.
According to the court, the laws related to “Company Voluntary Arrangements (CVA), Administration, Receivership, Winding Up (Dissolution), and various forms of restructuring of companies” in Nigeria.
The unit was created following approval by the Chief Judge of the Federal High Court, Justice John Terhemba Tsoho.