Egbin Power Plc, Ikeja Electric Plc (IE), and First Independent Power Limited (FIPL) have strongly debunked reports alleging the appointment of a Receiver/Manager over their operations, describing the claims as false, misleading, and in violation of a court order.

Naijaonpoint reports that the power firms were reacting to a full-page advertorial published in ThisDay Newspaper on August 6, 2025, which claimed that “Kunle Ogunba SAN” had been appointed as Receiver/Manager over KEPCO Energy Resource Nigeria Limited, NG Power-HPS Limited, and New Electricity Distribution Company, owners of Egbin Power, FIPL, and Ikeja Electric respectively.

Speaking on behalf of the companies, the Chief Legal and Regulatory Officer at Ikeja Electric, Babatunde Osadare, said, “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.”

Osadare disclosed that the Federal High Court in Lagos had, in clear and binding rulings delivered on August 5, 2025, barred the lenders and their purported Receiver/Manager from taking any adverse actions related to the disputed debt.

According to him, the court, presided over by Justice Akintayo Aluko, issued restraining orders in Suit Nos. FHC/L/CS/1242, FHC/L/CS/1244, and FHC/L/CS/1245, explicitly prohibiting the Receiver/Manager from:

Accelerating any loan facility before maturity,
Interfering with the companies’ assets or operational accounts,
Enforcing any share security or related finance documents,
Taking unilateral steps against the companies or their sponsors based on the disputed debt.

“These claims represent a gross misrepresentation of facts and a malicious attempt at self-help designed to subvert the course of justice,” Osadare stressed.

The companies advised the general public, their customers, financial institutions, and regulators to ignore the ThisDay publication and any related misleading statements.

“We urge our valued stakeholders to completely disregard the falsehoods. These matters are currently before a competent court, and the lenders and the purported Receiver/Manager have submitted to its jurisdiction,” Osadare added.

‘We Remain Stable and Operational’

Reassuring stakeholders of their financial and operational stability, the power firms reiterated their commitment to the growth and sustainability of Nigeria’s power sector.

“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 powering homes, businesses, and communities across Nigeria. We have full confidence in the Nigerian judicial system to fairly resolve the underlying disputes,” Osadare concluded.