Egbin Power Plc, Ikeja Electric Plc (IE), and First Independent Power Limited (FIPL) have dismissed reports alleging they were placed under receivership.
On Wednesday, an advertorial had alleged that Kunle Ogunba, a senior advocate of Nigeria (SAN), had been appointed as receiver/manager over KEPCO Energy Resource Nigeria Limited, NG Power-HPS Limited, and New Electricity Distribution Company — the investment vehicles behind the three operating companies.
The appointment was said to have followed a debt enforcement suit by a consortium of banks.
The banks include Zenith Bank, United Bank for Africa (UBA), First City Monument Bank (FCMB), Fidelity, Ecobank, Keystone, FirstBank, Sterling, Union Bank, and others.
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However, in a joint statement by the power firms on Thursday, the management said the claims were false, misleading, and in violation of an existing court order.
Babatunde Osadare, chief legal and regulatory officer at Ikeja Electric, who spoke on behalf of the three companies, said the entities remain under the full control of their respective management teams.
“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 said.
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‘GROSS MISREPRESENTATION OF FACTS’
He described the publication as a “gross misrepresentation of facts and a malicious attempt at self-help designed to subvert the course of justice”.
“Definitive rulings delivered on August 5, 2025 (Suit Nos. FHC/L/CS/1242, FHC/L/CS/1244, FHC/L/CS/1245) by Hon. Justice Akintayo Aluko of the Federal High Court in Lagos explied the lenders an Aluko’s ruling purported Receiver/Manager from taking any adverse actions,” Osadare said.
He said the ruling by Aluko barred the receiver/manager from taking any adverse actions including accelerating loan repayment, interfering with the companies’ assets or operations, enforcing any share security, or unilaterally acting on any disputed finance documents.
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“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 and any related, misleading press releases,” he said.
“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.”
The regulatory officer reaffirmed the commitment of the three firms to Nigeria’s power sector, noting that they remain “fully operational, financially stable, and firmly under the control of their legitimate management”.
“Our focus remains unwavering on our core mission: provhaveng reliable electricity and driving the growth of Nigeria’s critical power sector,” he added.
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Osadare said the firms have full confidence in the Nigerian judicial system to fairly resolve the underlying disputes.
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