Olanipekun: My Position as Receiver/Manager of KANN Valid

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Peter Uzoho

Senior Advocate of Nigeria (SAN), Mr. Bode Olanipekun, has stated that his position as the receiver/manager of KANN Utility Company Limited remains valid.

KANN was recently in the news for the purported withdrawal and replacement of certain directors of Abuja Electricity Distribution Company (AEDC) Plc, its portfolio company.

Olanipekun in an advertorial on Monday, in reaction to the developments, maintained that he was the duly appointed receiver and manager of KANN.

He warned the, “general public, all secured and unsecured creditors, debtors, shareholders. Officers, employees, agents and all contact counterparties of AEDC and KANN,” to avoid the risks of dealing with any other person on matters of KANN and AEDC other than him.

He said he was appointed as the receiver and manager overall of the assets and undertakings KANN by a deed of appointment on January 29, 2020, adding that the order in aids of the receivership was made by the Federal High Court Lagos, on February 19, 2020.

Olanipekun also said, “Further to my appointment, all powers of the board of directors of KANN in relation to all its assets and undertakings (including, for the avoidance of doubt, its controlling shareholding in AEDC) have ceased and have been conferred on me, in my capacity as the Receiver/Manager of KANN.

“The purported withdrawal and replacement of the directors of AEDC was undertaken without my involvement or consent. It also constitutes an attempt to interfere with and disrupt the ongoing receivership and is therefore illegitimate and at variance with the subsisting order of the Federal High Court.”

He added that, “whilst actions are being taken to rectify the situation and ensure that the relevant actors face consequences, I must hereby reiterate that my position as Receiver/Manager of KANN remains valid and in full effect, under the protection of the law.

“Accordingly, any person who/which deals or continues to deal with the directors of KANN or the purported new directors of AEDC in relation to the business, assets, or undertakings of KANN or AEDC from the date of hereof does so, solely at his, her or its own risk, including potentially, the risk of being party to actions undertaken in contempt of court.”

Olanipekun, however, advised anyone who requires any question or clarification regarding the publication to contact the Receiver and Manager of KANN through the address on the advertorial.