Egbin Energy, Ikeja Electrical, dismiss receivership claims as false

Egbin Energy Plc, Ikeja Electrical Plc (IE) and First Unbiased Energy Restricted (FIPL) have refuted false media stories sourced from deceptive advertorials printed in This Day Newspapers on August 6, 2025, alleging the appointment of “Kunle Ogunba Esq. SAN” as Receiver/Supervisor 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/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 document that Egbin Energy Plc, First Unbiased Energy Restricted, and Ikeja Electrical Plc are completely not in Receivership, and their property, companies, or undertakings should not beneath the administration of any exterior Receiver/Supervisor in any respect,” Babatunde Osadare, chief authorized and regulatory officer, Ikeja Electrical, mentioned on behalf of the ability corporations’ Administration.

Osadare mentioned the claims weren’t solely false, however “characterize 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 (Swimsuit Nos. FHC/L/CS/1242, FHC/L/CS/1244, FHC/L/CS/1245), the Honorable Justice Akintayo Aluko of the Federal Excessive Courtroom in Lagos explicitly restrained the Lenders and their purported Receiver/Supervisor from taking any opposed actions.

Osadare mentioned 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; imposing any share safety over the property of the Energy Entities or their sponsors, based mostly on the disputed debt; or unilaterally imposing any finance paperwork associated to the disputed debt.

“We due to this fact urge most of the people, our valued prospects, monetary companions, regulators, and all stakeholders to fully disregard the falsehoods introduced 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 Courtroom’s jurisdiction,” Osadare mentioned.

Reassuring all stakeholders, Osadare mentioned the ability corporations emphatically reaffirm their steadfast dedication to the event of the nation’s Energy Sector and their important position of responsibly powering properties, communities, and companies throughout the nation.

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