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In response to advertorials published in some national newspapers and online media platforms, the of Egbin Power Plc, Ikeja Electric Plc (IE), and First Independent Power Limited (FIPL) have categorically denied the purported appointment of Kunle Ogunba, SAN as Receiver/Manager over their assets or operations.
In a formal statement release, the power companies dismissed the reports as “false media reports sourced from misleading advertorials” that falsely claimed Ogunba’s appointment had the blessing of the courts. They emphasised that, their assets are not under the control of any external Receiver/Manager.
The basis for the rebuttal includes multiple Federal High Court rulings delivered on August 5, 2025, by Justice Akintayo Aluko specifically Suit Nos. FHC/L/CS/1242, 1244, and 1245. These rulings explicitly restrained Ogunba and the lenders from taking any adverse actions against the power entities, such as accelerating loans, interfering with their assets, or enforcing share security.
Parallel coverage by ThisDay captured the emerging discord, noting that while Ogunba’s advertorials presented his receivership as definitive, court documents revealed that he had, in fact, filed a Notice of Appeal on August 7, a day after the adverts went public, challenging the same rulings he allegedly celebrated. The notice of appeal, seen by legal observers, challenges the lower court’s decision on some motions for injunction.
In response, the power companies urged the public, regulators, and financial stakeholders to disregard Ogunba’s advertorials as media litigation.
They reaffirmed their operations remain fully under the control of legitimate management, and expressed confidence in the Judiciary to fairly settle the matter.
This episode highlights growing concerns over the misuse of media platforms to advance contested legal positions, potentially misleading stakeholders and distorting public perception – especially when litigation is ongoing.
The power entities concluded, by calling for adherence to proper judicial process. They reminded the public that no receivership has been sanctioned by any court, and encouraged all parties to let the courts decide the matter, free from media interference.
The post Egbin Power Plc, First Independent Power, Dispel Falsehoods of ‘Court-Approved’ Receivership Claims appeared first on THISDAYLIVE.
