Aug. 6, 2025
Egbin Power Plc, Ikeja Electric Plc (IE), and First Independent Power Ltd. (FIPL) have refuted media claims alleging the appointment of Mr Kunle Ogunba, a Senior Advocate of Nigeria (SAN), as Receiver/Manager over their operations.
Mr. Babatunde Osadare, Chief Legal and Regulatory Officer of Ikeja Electric, clarified the situation in a statement on Wednesday in Lagos, describing the reports as misleading.
Osadare explained that the claims stemmed from advertorials published in ThisDay Newspapers on Aug. 6, which suggested that the Senior Advocate had been appointed to oversee the three companies.
The publications erroneously linked the appointment to KEPCO Energy Resource Nigeria Ltd., NG Power-HPS Ltd., and New Electricity Distribution Company (Ikeja Electric), despite a subsisting court ruling to the contrary.
“We state unequivocally that Egbin Power Plc, First Independent Power Limited, and Ikeja Electric Plc are not in receivership, and their assets and operations remain under the control of their legitimate management,” Osadare said on behalf of the companies.
He described the claims as “a gross misrepresentation of facts and a malicious attempt 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 explicitly restrained the lenders and the purported Receiver/Manager from taking any adverse actions.
“The court ruling prohibits the Receiver/Manager from: Accelerating the disputed loan facility before its maturity; Interfering with the assets, operations, or accounts of the power entities; Enforcing any share security over the assets of the power entities or their sponsors based on the disputed debt; or Unilaterally enforcing any finance documents related to the disputed debt.”
Osadare urged the public, customers, financial partners, regulators, and all stakeholders to disregard the misleading advertorials and related press releases.
He emphasised that the disputes were currently being litigated and that the lenders, through the purported Receiver/Manager, had submitted to the court’s jurisdiction.
Reassuring stakeholders, he stated, “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 on providing reliable electricity and supporting the growth of Nigeria’s power sector.”
On Aug. 6, ThisDay reported that a Federal High Court in Lagos had approved the appointment of Kunle Ogunba (SAN) as Receiver/Manager over Ikeja Electric, Egbin Power, and FIPL, subsidiaries of Sahara Energy Group, following a debt enforcement suit by a consortium of banks.
They include: Zenith Bank, United Bank for Africa (UBA), First City Monument Bank (FCMB), Access Bank, Fidelity, Ecobank, Keystone, FirstBank, Sterling, Union Bank, and others.
