‘Egbin Power Plc, Ikeja Electric, FIPL Not In Receivership’

Egbin Power Plc, Ikeja Electric Plc, and First Independent Power Limited (FIPL) have officially denied reports claiming they are under receivership.

In a joint press statement released on August 6, 2025, the companies clarified that allegations of the appointment of a Receiver/Manager over their assets and operations are inaccurate and misleading.

The statement, issued by the management and represented by Ikeja Electric’s chief legal and regulatory officer, Babatunde Osadare, emphasised that Egbin Power, Ikeja Electric, and FIPL are not in receivership. Their businesses, assets, and operations remain fully under the control of their legitimate management teams. The companies condemned the reports as a “gross misrepresentation of facts” and a “malicious attempt” aimed at subverting justice.

According to the firms, the false media report was sourced from misleading advertorials published in This Day Newspapers on August 6, 2025.

The Management of the power companies said the publications, contrary to a subsisting court ruling, erroneously claimed the appointment of a Receiver/Manager over KEPCO Energy Resource Nigeria Limited, NG Power-HPS Limited, and New Electricity Distribution Company, with operating companies as follows: KEPCO (Egbin Power), NG Power-HPS Limited (FIPL) and New Electricity Distribution Company (Ikeja Electric).

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“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,” Babatunde Osadare, Chief Legal and Regulatory Officer, Ikeja Electric, said on behalf of the power companies’ Management.

Osadare said the claims were not only false, but “represent a gross misrepresentation of facts and a malicious attempt at self-help designed to subvert the course of justice.”

According to him, in definitive rulings delivered on August 5, 2025 (Suit Nos. FHC/L/CS/1242, FHC/L/CS/1244, FHC/L/CS/1245), the Justice Akintayo Aluko of the Federal High Court in Lagos explicitly restrained the Lenders and their purported Receiver/Manager from taking any adverse actions.

Osadare said the rulings specifically prohibits the purported Receiver/Manager from: accelerating the disputed loan facility before its maturity; interfering in any manner with the assets, businesses, or undertakings of the Power Entities, including operational accounts; 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.

“We therefore urge the general public, our valued customers, financial partners, regulators, and all stakeholders to completely disregard the falsehoods presented in the aforementioned This Day advertorials and any related, unfolding misleading press releases. 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,” Osadare said.

Reassuring all stakeholders, Osadare said the power companies emphatically reaffirm their steadfast commitment to the development of the nation’s Power Sector and their vital role of responsibly powering homes, communities, and businesses across the nation.

He added; “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.”