Egbin Power Plc, Ikeja Electric Plc (IE) and First Independent Power Limited (FIPL) have refuted false media reviews sourced from deceptive advertorials revealed in This Day Newspapers on August 6, 2025, alleging the appointment of “Kunle Ogunba Esq. SAN” as Receiver/Manager over the entities.
The administration of the ability corporations mentioned the publications, opposite to a subsisting court docket 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 working corporations as follows: KEPCO (Egbin Power), NG Power-HPS Limited (FIPL) and New Electricity Distribution Company (Ikeja Electric).
“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 authorized and regulatory officer, Ikeja Electric, mentioned on behalf of the ability corporations’ Management.
Osadare mentioned the claims weren’t solely false, however “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 Honorable Justice Akintayo Aluko of the Federal High Court in Lagos explicitly restrained the Lenders and their purported Receiver/Manager from taking any adversarial actions.
Osadare mentioned the rulings particularly prohibits the purported Receiver/Manager from: accelerating the disputed mortgage facility earlier than its maturity; interfering in any method with the property, companies, or undertakings of the Power Entities, together with operational accounts; imposing any share safety over the property of the Power Entities or their sponsors, primarily based on the disputed debt; or unilaterally imposing any finance paperwork associated 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 mentioned.
Reassuring all stakeholders, Osadare mentioned the ability corporations emphatically reaffirm their steadfast dedication to the event of the nation’s Power Sector and their very important position of responsibly powering properties, communities, and companies throughout 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.”
