Egbin Power, Ikeja Electric, FIPL Not in Receivership, Says Management

•Fire incident at Egbin power destroys TCN’s 150MVA transformer 

•Ikorodu, Odogunyan, Sagamu, Maryland impacted

Emmanuel Addehin Abuja Peter Uzoho in Lagos

Egbin Power Plc, Ikeja Electric Plc (IE), and First Independent Power Limited (FIPL) have refuted reports from an advertorial alleging the appointment of KunleOgunba (SAN) as Receiver/Manager over the entities.

In a statement issued yesterday, the management of the three 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 – 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,” Chief Legal and Regulatory Officer, Ikeja Electric, BabatundeOsadare, said on behalf of the power companies’ management.

Osadare said the claims were not only false, but “represent 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 AkintayoAluko 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 prohibited 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.

He said, “We, therefore, urge the general public, our valued customers, financial partners, regulators, and all stakeholders to completely disregard the falsehoods presented in the aforementioned THISDAY advertorials and any related, unfolding misleading press releases.

“The core matters referenced are actively being litigated and the lenders, represented by the purported Receiver/Manager, have formally submitted to the Courts jurisdiction.”

Reassuring stakeholders, Osadare said the power companies emphatically reaffirmed their steadfast commitment to the development of the country’s power sector and their vital role of responsibly powering homes, communities, and businesses across the nation.

He added, “Egbin Power, First Independent Power, and Ikeja Electric remain fully operational, financially stable, and firmly under the control of their legitimate management. Our focus remains unwavering on our core mission: providing reliable electricity and driving the growth of Nigeria’s critical power sector. We have full confidence in the Nigerian judicial system to fairly resolve the underlying disputes.”

Meanwhile, Transmission Company of Nigeria (TCN) yesterday announced that a fire incident occurred at the Egbin Power Plc about 6:30am on August 5, 2025, affecting TCN’s 150MVA power transformer at its Egbin Transmission Substation.

The fire, which originated from one of the power station’s service transformers owned by Egbin Power Plc, TCN, in a statement by its spokesperson, NdidiMbah, said, was directly connected to the 33kV side of one of TCN’s power transformers, a 150MVA 330/132/33kV Inter-Bus Transformer II.

TCN stated, “Investigations traced the cause of the fire to a faulty 33kV instrument transformer (CT/VT) installed by Egbin Power Plc, which was engulfed by fire. This ultimately led to the damage to a 150MVA power transformer belonging to TCN, causing oil leakage from the transformer due to a tear in its main tank.

“As a result of the incident, there is a temporary reduction in bulk power supply to Ikorodu and Odogunyan 132/33kV transmission substations, which supply IKEDC and IBEDC for some parts of its franchise areas, as well as Sagamu Line 1, Sagamu Line 2, and Maryland Line 2 on the 132kV network within Lagos State.

“At the time of the incident, a total load of 47MW was affected. This load was immediately diverted to the second available 150MVA power transformer within the substation, which is now operating under strain. Since then, the capacity deficit has increased and remains high, resulting in load-shedding across all affected areas.”

TCN urged those affected by the incident to bear with the organisation as it worked to replace the damaged transformer and restore normal power supply as soon as possible.

The statement said, “TCN has already notified IKEDC and EKEDC to assist in load management within their franchise areas. On our part, TCN is already making urgent arrangements to source the replacement transformer.

“We sincerely apologise for the inconvenience this is causing the two distribution companies and electricity customers in the affected areas and pledge to work hard to ensure full restoration of bulk supply to the substations in the shortest possible time.”