Egbin Power Plc, Ikeja Electric Plc, and First Independent Power Limited (FIPL) have strongly denied reports suggesting they are under receivership, describing the claims as false, misleading, and in contempt of a subsisting court ruling.
The managements of the power firms, in a joint statement on Wednesday, faulted advertorials published in This Day newspaper, which claimed that a Receiver/Manager, “Kunle Ogunba (SAN),” had been appointed over KEPCO Energy Resource Nigeria Limited, NG Power-HPS Limited, and New Electricity Distribution Company—the parent companies of the operating firms.
Reacting to the publication, Babatunde Osadare, Chief Legal and Regulatory Officer of Ikeja Electric, who spoke on behalf of the companies, insisted that no such receivership exists and warned stakeholders to disregard the publication.
“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.
He described the claim as a “gross misrepresentation of facts and a malicious attempt at self-help designed to subvert the course of justice.”
Citing three court rulings delivered on August 5, 2025 (Suit Nos. FHC/L/CS/1242, FHC/L/CS/1244, and FHC/L/CS/1245), Osadare said Justice Akintayo Aluko of the Federal High Court, Lagos, had explicitly restrained the concerned lenders and the alleged Receiver/Manager from taking any action against the companies pending the determination of the suits.
The court orders, he noted, barred the Receiver/Manager from accelerating the loan facility before maturity, interfering with the companies’ assets or accounts, enforcing share securities, or taking unilateral enforcement actions over the disputed debt.
“The falsehoods in the advertorials are not only contemptuous but also an affront to the ongoing judicial process,” he said.
The power firms urged the public, customers, financial partners, and regulators to ignore the receivership claims and maintain confidence in the companies’ operations.
“We remain fully operational, financially stable, and firmly under the control of our legitimate management,” Osadare assured.
He reaffirmed the companies’ commitment to delivering reliable electricity and advancing Nigeria’s power sector, adding that they trust the judiciary to ensure justice is served.
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