Receivership Controversy Hits Egbin, Ikeja Electric As Nigerians Demand Stable Power

Receivership Controversy Hits Egbin, Ikeja Electric As Nigerians Demand Stable Power

In a development that has stirred fresh concerns over Nigeria’s fragile electricity sector, FBNQuest Trustees Limited, a subsidiary of FBN Holdings, has appointed a receiver/manager for KEPCO Energy Resources Limited, the special purpose vehicle behind Sahara Energy Resources Group Limited.

The group owns key power assets including Egbin Power, Ikeja Electric, and First Independent Power Limited (FIPL).

The move, executed through the appointment of Kunle Ogunba & Associates as receiver/manager, signals a potential shake-up in the operations of some of Nigeria’s most critical power providers.

Under receivership, a court- or privately-appointed receiver assumes control of a company’s assets and operations, effectively sidelining its existing management and board.

This development comes at a time when Nigerians continue to endure erratic electricity supply, with frequent blackouts and unstable voltage becoming a daily reality.

The situation has fueled public frustration and intensified calls for reform and accountability in the power sector.

However, in a swift rebuttal, Ikeja Electric issued a statement on behalf of the three affected firms, Egbin Power Plc, Ikeja Electric Plc, and FIPL, firmly denying that any of the companies are under receivership. The statement dismissed reports from a national daily dated August 6, 2025, which claimed that Kunle Ogunba SAN had been appointed as receiver/manager over KEPCO Energy Resources Nigeria Limited, NG Power-HPS Limited, and New Electricity Distribution Company.

“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,” said Babatunde Osadare, Chief Legal and Regulatory Officer of Ikeja Electric.

The power companies argued that the publication contradicts a subsisting court ruling and misrepresents the legal status of their operations.

As the legal dispute unfolds, many Nigerians are left wondering how such corporate instability might further impact electricity delivery. With the nation’s power grid already plagued by outages and underinvestment, stakeholders are urging transparency and swift resolution to avoid deepening the crisis.

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