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

Egbin Energy Plc, Ikeja Electrical Plc, and First Unbiased Energy Restricted (FIPL) have formally denied studies claiming they’re beneath receivership.

In a joint press assertion launched on August 6, 2025, the businesses clarified that allegations of the appointment of a Receiver/Supervisor over their property and operations are inaccurate and deceptive.

The assertion, issued by the administration and represented by Ikeja Electrical’s chief authorized and regulatory officer, Babatunde Osadare, emphasised that Egbin Energy, Ikeja Electrical, and FIPL usually are not in receivership. Their companies, property, and operations stay totally beneath the management of their legit administration groups. The businesses condemned the studies as a “gross misrepresentation of information” and a “malicious try” geared toward subverting justice.

Based on the companies, the false media report was sourced from deceptive advertorials revealed in This Day Newspapers on August 6, 2025.

The Administration of the facility corporations stated the publications, opposite to a subsisting court docket ruling, erroneously claimed the appointment of a Receiver/Supervisor over KEPCO Vitality Useful resource Nigeria Restricted, NG Energy-HPS Restricted, and New Electrical energy Distribution Firm, with working corporations as follows: KEPCO (Egbin Energy), NG Energy-HPS Restricted (FIPL) and New Electrical energy Distribution Firm (Ikeja Electrical).

“We state unequivocally and for the file that Egbin Energy Plc, First Unbiased Energy Restricted, and Ikeja Electrical Plc are completely not in Receivership, and their property, companies, or undertakings usually are not beneath the administration of any exterior Receiver/Supervisor in anyway,” Babatunde Osadare, Chief Authorized and Regulatory Officer, Ikeja Electrical, stated on behalf of the facility corporations’ Administration.

Osadare stated the claims weren’t solely false, however “symbolize a gross misrepresentation of information and a malicious try at self-help designed to subvert the course of justice.”

Based on him, in definitive rulings delivered on August 5, 2025 (Go well with Nos. FHC/L/CS/1242, FHC/L/CS/1244, FHC/L/CS/1245), the Justice Akintayo Aluko of the Federal Excessive Court docket in Lagos explicitly restrained the Lenders and their purported Receiver/Supervisor from taking any hostile actions.

Osadare stated the rulings particularly prohibits the purported Receiver/Supervisor from: accelerating the disputed mortgage facility earlier than its maturity; interfering in any method with the property, companies, or undertakings of the Energy Entities, together with operational accounts; implementing any share safety over the property of the Energy Entities or their sponsors, primarily based on the disputed debt; or unilaterally implementing any finance paperwork associated to the disputed debt.

“We due to this fact urge most people, our valued clients, monetary companions, regulators, and all stakeholders to fully disregard the falsehoods offered within the aforementioned This Day advertorials and any associated, unfolding deceptive press releases. The core issues referenced are actively being litigated and the Lenders, represented by the purported Receiver/Supervisor, have formally submitted to the Court docket’s jurisdiction,” Osadare stated.

Reassuring all stakeholders, Osadare stated the facility corporations emphatically reaffirm their steadfast dedication to the event of the nation’s Energy Sector and their important function of responsibly powering houses, communities, and companies throughout the nation.

He added; “Egbin Energy, First Unbiased Energy, and Ikeja Electrical stay totally operational, financially secure, and firmly beneath the management of their legit administration. Our focus stays unwavering on our core mission: offering dependable electrical energy and driving the expansion of Nigeria’s vital energy sector. We’ve got full confidence within the Nigerian judicial system to pretty resolve the underlying disputes.”