BREAKING:
- Appoints Receiver/Manager
- We’re not not in receivership-Power firms’
By Adewale Sanyaolu
FBNQuest Trustees Limited, a subsidiary of FBN holdings has appointed a receiver/manager for KEPCO Energy Resources Limited, a special purpose vehicle for Sahara Energy Resources Group Limited, owners of Egbin Power, Ikeja Electric and First Independent Power Limited (FIPL).
In executing the takeover, FBNQuest has appointed Kunle Ogunba and Associates as its receiver/manager.
When a company falls into receivership, it means a court-appointed or privately appointed receiver takes control of the company’s assets and operations.
As a consequence, the company’s management and directors lose control over assets and operations.
But in a reaction, Ikeja Electric in a statement on behalf of the three power firms- Egbin Power Plc, Ikeja Electric Plc and First Independent Power Limited all subsidiaries of the Sahara Energy Resources Group said they were not in receivership.
The statement further refuted reports sourced from what it described as misleading advertorials published in a national daily (not Daily Sun) published on August 6, 2025, alleging the appointment of “Kunle Ogunba Esq. SAN” 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.https://googleads.g.doubleclick.net/pagead/ads?client=ca-pub-6321061981120130&format=100×320&w=100&h=320&ptt=12&iu=4759658383%20data-auto-format%3D&adk=1562110337&output=html&bc=7&pv=2&wgl=1&asnt=0-33139607001711324644&dff=Georgia%2C%20%22Times%20New%20Roman%22%2C%20Times%2C%20serif&brdim=0%2C0%2C0%2C0%2C385%2C0%2C384%2C724%2C384%2C724&ifi=1&pfx=0&cookie=ID%3Dd480af57d4e6022b%3AT%3D1726385860%3ART%3D1754669139%3AS%3DALNI_MbPCgsyw_m89dXIaqb_YUO7TriDxA&gpic=UID%3D00000f03248d9d22%3AT%3D1726385860%3ART%3D1754669139%3AS%3DALNI_MbU5sdCFvgoqz1Jw8A0aqphzg66LA&adf=1340388052&nhd=0&adx=16&ady=2244&oid=2&is_amp=5&_v=2507172035000&d_imp=1&c=256512003177&ga_cid=GA1.1.1628752140.1752197452&ga_hid=3177&dt=1754669140827&biw=384&bih=724&u_aw=385&u_ah=854&u_cd=24&u_w=385&u_h=854&u_tz=60&u_his=1&vis=1&scr_x=0&scr_y=94&url=https%3A%2F%2Fthesun.ng%2Fbreaking-fbn-holdings-takes-over-egbin-power-ikeja-electric-fipl%2F&loc=https%3A%2F%2Fthesun.ng%2Fbreaking-fbn-holdings-takes-over-egbin-power-ikeja-electric-fipl%2F%3Famp&ref=https%3A%2F%2Fthesun.ng%2Fbreaking-fbn-holdings-takes-over-egbin-power-ikeja-electric-fipl%2F&bdt=1331&uap=Android&uapv=13.0.0&uam=SM-A047F&uafv=116.0.5845.172&dtd=38&__amp_source_origin=https%3A%2F%2Fthesun.ng
