Egbin Power Plc, Ikeja Electric Plc (IE) and First Independent Power Limited (FIPL), have refuted media reports alleging the appointment of Kunle Ogunba as Receiver/Manager over the entities.

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).

“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 “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 Honourable 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.