Management Refutes Receivership Rumours Surrounding Egbin Power, Ikeja Electric, and First Independent Power

The management of Egbin Power Plc, Ikeja Electric Plc, and First Independent Power Limited has firmly denied reports claiming that the companies have been placed under receivership, describing the allegations as false, misleading, and damaging to public confidence in the nation’s power sector.

In a joint statement issued on Thursday, the three firms stated that their operations remain fully functional and unaffected by any takeover process, urging the public to disregard the rumours. They maintained that they had not received any formal notice, court order, or regulatory directive indicating that a receiver manager had been appointed over their affairs. According to them, the speculation, which has circulated on social media and in some online publications, is entirely baseless and has no factual foundation.

“We wish to categorically state that Egbin Power Plc, Ikeja Electric Plc, and First Independent Power Limited are not in receivership and have not received any formal notice or court order in that regard. Our operations remain stable, our staff are fully engaged, and our obligations to customers and stakeholders are being met without compromise,” the statement read. The companies further emphasised their continued commitment to meeting electricity demand within their respective service areas and supporting Nigeria’s broader energy reform agenda.

Egbin Power Plc, operator of one of the largest thermal power plants in sub-Saharan Africa, reiterated that it continues to supply a substantial share of the nation’s electricity to the national grid, while pursuing ongoing maintenance programmes and capacity enhancement projects. Ikeja Electric Plc, the country’s largest electricity distribution company by coverage area, highlighted the progress of its metering initiatives, network rehabilitation works, and customer engagement programmes aimed at improving supply reliability. First Independent Power Limited, which operates several power plants in Rivers State, confirmed that its facilities remain operational, providing uninterrupted electricity to industrial and residential customers.

The companies warned that spreading false information about their financial or operational status could have serious consequences, including eroding investor confidence, unsettling lenders, and undermining customer trust. They stressed that inaccurate reports risk derailing the progress achieved since the privatisation of the power sector, where private investments have been critical in expanding capacity and upgrading infrastructure.

They called on the media to verify facts before publishing, especially on sensitive matters that could create uncertainty in a sector already grappling with challenges. “Publishing unverified claims can damage reputations, disrupt operational momentum, and create unnecessary anxiety among stakeholders,” the management stated.

Industry observers have noted that placing any licensed power company under receivership requires a clear legal process, formal public disclosure, and the involvement of regulators such as the Nigerian Electricity Regulatory Commission (NERC). In this case, no such steps have been taken, and there has been no indication from the regulator that the licences of the affected companies are under threat.

The management of the three companies reassured stakeholders that they remain financially stable, meeting obligations such as debt repayments, employee salaries, payments to contractors, and statutory remittances. They also confirmed that none of their operational licences has been revoked or suspended, and that they continue to operate within the guidelines set by the regulatory authorities.

Looking to the future, Egbin Power, Ikeja Electric, and First Independent Power pledged to sustain investments in infrastructure, adopt advanced technologies to improve service delivery, and explore cleaner and more efficient power generation methods. They also promised to work closely with the Federal Government, regulators, and development partners to strengthen the electricity value chain and improve access to reliable power across the country.

The companies maintained that customer satisfaction will remain central to their operations, with ongoing efforts to enhance billing accuracy, reduce downtime, and expand network coverage. They further assured Nigerians that their goal is to contribute meaningfully to the nation’s energy security and economic growth, in line with the government’s objectives for the sector.

In concluding their statement, the management dismissed the receivership claims as malicious and counterproductive to Nigeria’s energy reform drive. “Our focus remains on building a stronger, more efficient power sector for Nigeria. We will continue to operate transparently, responsibly, and in the best interest of our customers, employees, and the nation at large,” they declared.

By addressing the rumours head-on, the companies aim to restore public confidence while keeping attention on their core mandate—delivering sustainable and dependable electricity to millions of Nigerians.