The purported takeover of Ikeja Electric, Egbin Power (KEPCO Energy Resources), and Independent Power Limited by Nigerian banks and other parties due to debt is causing confusion.
According to reports, the Lagos High Court, which was presided over by Justice Akintayo Aluko, granted the power companies a receivership ruling on August 5, 2025, based on their 2013 debt agreement in suits Nos. FHC/L/CS/1242, FHC/L/CS/1244, and FHC/L/CS/1245.
However, in a statement by Ikeja Electric chief legal and regulatory officer, Babatunde Osadare, he dismissed the report that the companies slid into receivership.
According to him, the court ruling rather restrained the lenders and their purported receiver/manager from taking any adverse actions.
“We state unequivocally and for the record that Egbin Power Plc, First Independent Power Limited, and Ikeja Electric Plc are not in receivership, and their assets, businesses, or undertakings are not under the management of any external receiver/manager whatsoever,” he said.
Meanwhile, as the confusion lingers, the development worsens Nigeria’s power sector crisis since the 2013 privatisation processes.
The Intercept reports that outside Ikeja Electric, five Nigerian electricity distribution companies are already under receivership, including Abuja, Benin, Kaduna, Kano, and Ibadan.
