In a strong pushback against what they describe as false and misleading media claims, three of Nigeria’s major power companies—Egbin Power Plc, Ikeja Electric Plc (IE), and First Independent Power Limited (FIPL)—have categorically denied reports suggesting they’re under receivership.
The controversy stems from advertorials published in ThisDay newspaper on August 6, 2025, which claimed that Kunle Ogunba (SAN) had been appointed as a Receiver/Manager over the companies. But the power firms say that’s just not true—and they have court backing to prove it.
In a joint statement, the companies emphasized that none of their assets, businesses, or operations are being run by any external party. Babatunde Osadare, Chief Legal and Regulatory Officer at Ikeja Electric, spoke on behalf of the three firms and described the reports as “deliberate misrepresentation” and a direct violation of a standing court order.
According to Osadare, the Federal High Court in Lagos, presided over by Justice Akintayo Aluko, had already ruled on August 5, 2025, that the lenders behind the controversial move—and their “purported” Receiver/Manager—must not interfere with the operations, assets, or bank accounts of the power firms.
The court’s decision also barred any attempt to enforce finance documents or accelerate loan repayment before their due dates. “These companies are not in any form of receivership,” Osadare reiterated. “And we urge the public to completely disregard the claims made in the ThisDay advertorials.”
He reassured customers, partners, and regulators that the companies remain financially healthy, fully operational, and under the control of their lawful management. “We’re still here, still committed, and still powering Nigeria,” he said.
In closing, Osadare expressed confidence in the judicial system, promising that the legal disputes surrounding the issue would be fairly and transparently resolved in court.
