. ‘Kunle Ogunba (SAN) is now Receiver/Manager,’ Details of Federal High Court that placed three firms hitherto owned by Sahara Group under receivership + Names of Creditors Banks now in charge
. ‘We are not in receivership,’ Ikeja Electric, Egbin Power, First Independent Power react
A consortium of creditor banks has received the nod to takeover multi-million dollars assets belonging to Ikeja Electric, Egbin Power, and First Independent Power.
Platforms Africa reports that a Federal High Court in Lagos, which declared this in a judgement, confirmed the appointment of Kunle Ogunba (SAN) as Receiver/Manager over Ikeja Electricity Distribution Company (IKEDC), alongside First Independent Power Limited and Egbin Power Plc. The three firms are subsidiaries of Sahara Energy Group.
The company is yet to sanction an official position or reaction to the judgement.
Delivering the judgment, Justice Akintayo Aluko ruled that Ogunba’s appointment was already a “completed act,” effectively placing the assets of the companies under receivership following a legal dispute with a consortium of creditor banks.
The banks, which include Zenith Bank, UBA, FCMB, Access Bank, Fidelity, Ecobank, Keystone, FirstBank, Sterling, Union Bank, and others, had sought to recover debts owed by the power firms through the enforcement of loan agreements and deeds of appointment registered with the Corporate Affairs Commission.
Retreat In Rwanda, Flip-Flop On Refinery; A Look At Ojulari’s 100 Days As NNPC GCEO
Nigeria’s First Female Newspaper’s Editor, Doyin Abiola, Is Dead
‘Gbo-Gbo,’ Rabies Outbreak Hits Part of Lagos, Vet Doctors Raise Alarm
Adeola Yusuf, PhD: Profile of A Prolific Pen-Pusher
The court documents sighted by Platforms Africa showed that the plaintiffs—Kepco Energy Resources Nigeria Limited, New Electricity Distribution Company Limited, and NG Power-HPS Limited—had asked the court to halt the takeover.
However, the court dismissed their objections in part, ruling that the judiciary could not restrain an act that had already been executed.
Delivering the judgement, Justice Akintayo Aluko of the Federal High Court, Lagos yesterday delivered a judgement granting Kunle Ogunba (SAN) as Receiver/Manager.
The judge affirmed that Ogunba’s appointment as the Receiver/Manager of the three firms is a completed act, while ruling on different applications filed by the defendants/applicants in the suits numbered FHC/L/CS/1245/2025, FHC/L/CS/1242/2025, and FHC/L/CS/1244/2025.
Applicants in the suit, the court papers showed, are: Zenith Bank Plc; United Bank for Africa Plc; First City Monument Bank Limited; Union Bank of Nigeria Plc; Sterling Bank Plc; Fidelity Bank Plc; Ecobank Nigeria Limited; Access Bank Plc; Keystone Bank Limited; First Bank Of Nigeria Limited; First Trustees Limited and FBNQUEST Merchant Bank Limited.
At the hearing of the suit, Tolu Fadipe represented KepCo Energy Resource Nigeria Limited as the Legal head, and Ayomide Oluwafemi represented Union bank of Nigeria Plc (legal officer), while Akinlola Makinde alongside Mariam Oyede, Ewaduwa Fabolade, and Ismail Ibrahim appeared for the Plaintiff, and Obinna A. Divine leading O. T. Ogunba, I. U. Udo and B. R. Kreni appeared for the defendants.
The court during the proceeding delivered its ruling in respect of the plaintiffs’ interlocutory injunction and the bank’s application for the dismissal the suit.
Ruling on the applications, the Judge refused to dismiss the suit, holding that there are serious issues to be determined between the parties at the substantive hearing.
On determining the application for Interlocutory injunction, the court held that the said application succeeds in parts and that the defendant’s argument that the court cannot restrain a completed act (the appointment of receiver/manager over the affairs of the plaintiffs) succeeds too.
Justice Aluko further held that the decision in suit number FHC/L/CS/1242/2025 and the orders granted shall apply to the sister suits to wit; FHC/L/CS/1244/2025, between NG Powers Hp Limited Vs. Access Bank Nigeria Plc and seven others, and the suit numbered FHC/L/CS/1245/2025, between New Electric Distribution Company Limited Vs Ecobank Nigeria Limited and eight others.
In the suit filed by the defendants against the Plaintiffs in this suit, pending before Justice Deinde Dipeolu, was brought pursuant to sections 554 and 556, Companies and Allied Matter Act. Cap. C20. Laws of the Federation of Nigeria, 2020; Rules 2 Companies Proceedings Rules 1992; Order 3 Rules 6 and 9 Federal High Court (Civil Procedures) Rules, 2019 and under the court’s inherent jurisdiction.
In the suit, the plaintiffs (banks) are asking for the following: “a declaration and/or, an order that ‘Kunle Ogunba Esq., (SAN), being the duly appointed Receiver/Manager of the pledged assets of the 1st to 12th Defendants, duly appointed by the plaintiffs pursuant to the respective Deeds of Appointment dated 19th June 2025 and registered at the Corporate Affairs Commission on 25th June 2025, the said “Kunle Ogunba Esq. (SAN) 12th defendants without any interference, obstruction and/or hindrance in any manner whatsoever by the 1st to 12th Defendants or any other person(s) acting under their authority or any person whether a Director or Shareholder, officer or employee of the 1st to 12 Defendants.
“A declaration and/or, an order that upon the appointment of “Kunle Ogunba Esq., (SAN) as Receiver/Manager of the pledged assets of the 1st to 12th defendants, the said 1st to 12th Defendants and/or any other Director or Shareholder, officers or employee of the 1st to 12th Defendants has no rights, powers or authority to enter into and remain in possession or deal in any manner whatsoever with the assets of the 1st to 12th Defendants listed in relief “a” above, without recourse to ’Kunle Ogunba Esq., (SAN) the Receiver/Manager over the pledged assets duly appointed by the Plaintiffs pursuant to the respective Deeds of Appointment dated 19th June 2025 and registered at the Corporate Affairs Commission on 25th June 2025, and the several other Deeds executed between the Plaintiffs and the 1st to 12th defendants.”
“A declaration and an order that pursuant to the respective Deeds of Appointment dated 19th June 2025 and registered at the Corporate Affairs Commission on 25th June 2025 and the several other Deeds executed between the Plaintiffs and the 1st to 12th Defendants, ‘Kunle Ogunba Esq., (SAN) the Receiver/Manager appointed by the Plaintiffs over the pledged Assets of the 1st to 12th Defendants is entitled to perform al! the functions (which includes but not limited to the selling of the 1st to 12th Defendants’ pledged Assets to offset the outstanding indebtedness) unhindered and unimpeded by the 1st to 12th Defendants, their agents, cronies or other privies howsoever described and/or called.
“An order of perpetual injunction restraining the 1st to 12th defendants whether by themselves, their agents, servants or privies from disturbing the receiver/manager appointed by the Plaintiffs in the performance of his lawful and legitimate duties as specified in his respective Deeds of Appointment and several other Deeds and tampering with, alienating or disposing any of the 1st to 12th Defendants’ assets listed in relief “a” above by virtue of the Receivership status of the 1st to 12th Defendants and more importantly, the pledged assets of the 1st to 12th Defendants.
“And for such further or other Order (s) as this Honourable Court may deem fit to make in the circumstance.”
Ikeja Electric, Egbin Power, FIPL React
Meanwhile, the management of Egbin Power Plc, Ikeja Electric Plc And First Independent Power Ltd have said that they are not in receivership – Management
Egbin Power Plc, Ikeja Electric Plc (IE) and First Independent Power Limited (FIPL), have refuted false media reports sourced from misleading advertorials published in This Day Newspapers 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.
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 Honorable Justice Akintayo Aluko 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 prohibits 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.
“We therefore urge the general public, our valued customers, financial partners, regulators, and all stakeholders to completely disregard the falsehoods presented in the aforementioned This Day 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 Court’s jurisdiction,” Osadare said.
Reassuring all stakeholders, Osadare said the power companies emphatically reaffirm their steadfast commitment to the development of the nation’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.”
Platforms Africa
