FBNQuest KEPCO receivership triggers strong denial from Sahara energy’s power firms. Egbin, Ikeja Electric, and FIPL insist they are not under receivership

FBNQuest KEPCO receivership reports have triggered strong reactions from Sahara Energy’s power subsidiaries, who insist they remain in full control of their assets and operations.

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FBNQuest Trustees Limited, a subsidiary of FBN Holdings, recently appointed Kunle Ogunba & Associates as receiver/manager for KEPCO Energy Resources Limited a special purpose vehicle linked to Sahara Energy Resources Group Limited.

Sahara Group owns Egbin Power, Ikeja Electric, and First Independent Power Limited (FIPL).

The move suggested that KEPCO and possibly other associated power firms had entered receivership a situation where a court or lender-appointed receiver takes over a company’s operations due to financial distress.

However, the affected firms quickly pushed back. In a joint statement released on August 7, Ikeja Electric, speaking on behalf of Egbin Power Plc, Ikeja Electric Plc, and FIPL, described the reports as false and misleading.

“The publication wrongly claimed the appointment of a Receiver/Manager over KEPCO, NG Power-HPS Limited (FIPL), and New Electricity Distribution Company (Ikeja Electric),” said Babatunde Osadare, Chief Legal and Regulatory Officer at Ikeja Electric.

“We state unequivocally that Egbin Power Plc, FIPL, and Ikeja Electric Plc are absolutely not in receivership. Their assets and operations remain under the full control of their respective management teams.”

The companies also pointed to a subsisting court ruling, suggesting that any such appointment would contradict existing legal orders.

They labeled the original reports as “misleading advertorials” published in a national newspaper on August 6, 2025.

As of now, FBNQuest has not issued a direct public response to the power companies’ denial.

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The situation raises questions about the legal standing of the receivership notice and the interpretation of court rulings affecting KEPCO and its affiliates.