August 06, (THEWILL) — The Federal High Court in Lagos has affirmed the appointment of Kunle Ogunba, SAN, as Receiver/Manager over Ikeja Electricity Distribution Company (IKEDC), KEPCO Energy Resources Nigeria Limited, and its 70 percent controlling stake in Egbin Power Plc.
Ruling in a debt enforcement suit brought before the court by a consortium of 12 creditor banks comprising Zenith Bank, UBA, FCMB, Union Bank, Sterling Bank, Fidelity Bank, Ecobank, Access Bank, Keystone Bank, First Bank, First Trustees, and FBNQuest Merchant Bank, Justice Akintayo Aluko affirmed the appointment of Ogunba as Receiver/Manager over IKEDC and KEPCO.
FBNQuest Trustees Ltd, acting under a 2013 security agreement registered at the CAC on January 22, 2014, had appointed Ogunba on June 19, 2025 as Receiver/Manager over IKEDC and KEPCO Energy.
In the suit numbers FHC/L/CS/1242/2025, FHC/L/CS/1244/2025, and FHC/L/CS/1245/2025, KEPCO Energy Resources Nigeria Limited, New Electricity Distribution Company Limited, and NG Power-HPS Limited prayed the court to reject the takeover of the DisCo.
However, in his ruling, Justice Aluko upheld the appointment of Ogunba, describing it as a “completed act”.
While the matter has been adjourned to October 20, 2025, for further mention, the receivership, in a formal notice, directed all debtors of KEPCO and its affiliates to preserve assets pending further directives.
Directing all creditors to submit proof of claims within 14 days from August 6, 2025, Ogunba further urged financial institutions and regulators, including the Nigerian Bulk Electricity Trading Plc (NBET), Nigeria Electricity Supply Industry Stabilisation Security Ltd. (NESISSL), Nigerian Electricity Regulatory Commission (NERC), and the Bureau of Public Enterprises (BPE); to freeze and preserve all deposits, shares, and accounts of KEPCO and Ikeja Electric until further court orders.
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