Power Companies Refute Receivership Claims

Power Companies Refute Receivership Claims

Egbin Power Plc, Ikeja Electric Plc, and First Independent Power Limited have denied reports claiming they are in receivership, describing the allegations as false and malicious.

According to Babatunde Osadare, Chief Legal and Regulatory Officer of Ikeja Electric, "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."

The power companies' management cited a court ruling on August 5, 2025, which restrained lenders and their purported receiver/manager from taking adverse actions, including interfering with the companies' assets and operations.

"We 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," Osadare said.

The companies reassured stakeholders of their commitment to developing Nigeria's power sector and providing reliable electricity. "Egbin Power, First Independent Power, and Ikeja Electric remain fully operational, financially stable, and firmly under the control of their legitimate management," Osadare added.