Connect with us

General

Ikeja Electric, Egbin Power, First Independent Power Deny Being Under New Management

Published

on

Ikeja Electric

By Aduragbemi Omiyale

The managements of Egbin Power Plc, Ikeja Electric Plc, and First Independent Power Limited have refuted reports that they have been taken over by a bank due to the loans they secured for operational use.

It was reported on Wednesday that these energy firms were now under a new management controlled by a receiver, Mr Kunle Ogunba (SAN), appointed by the financial institution over the debts.

The reports, contrary to a subsisting court ruling, erroneously claimed the appointment of a receiver 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).

Reacting to the publications, which emanated from “advertorials published in This Day Newspapers on August 6, 2025,” the Chief Legal and Regulatory Officer of Ikeja Electric, Mr Babatunde Osadare, said on behalf of the others that no court has handed over the firms to a receiver as claimed, describing the advertorials as misleading because they “represent a gross misrepresentation of facts and a malicious attempt at self-help designed to subvert the course of justice.”

“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,” he stressed.

Mr Osadare explained that in definitive rulings delivered on August 5, 2025, in suit numbers FHC/L/CS/1242, FHC/L/CS/1244, FHC/L/CS/1245, Justice Akintayo Aluko of the Federal High Court in Lagos explicitly restrained the lenders and their purported receiver from taking any adverse actions.

According to him, the rulings specifically prohibits the purported receiver 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 firms 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,” the legal practitioner stated.

Reassuring all stakeholders, Mr 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.

“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,” he declared.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

General

TCN Confirms Destruction of Six Transmission Towers in Nasarawa

Published

on

Transmission Towers

By Adedapo Adesanya

The Transmission Company of Nigeria (TCN) has confirmed the destruction of six transmission towers along the Apir–Lafia 330kV line in Nasarawa State, causing significant disruption to electricity supply in parts of the country.

In a statement issued on Wednesday, TCN spokesperson, Mrs Ndidi Mbah, said the incident occurred on May 30 at about 1:15 a.m. during a heavy downpour.

She explained that the transmission line initially tripped, prompting operators to attempt a trial reclosure of Line II at about 2:08 a.m., but the effort failed.

A subsequent inspection of the transmission corridor, however, revealed extensive damage to key components of towers T125 to T130, confirming that the infrastructure had been vandalised.

“The tripping of the lines prompted a physical line trace to determine the fault, which revealed damage to critical components of towers T125 to T130, confirming vandalism on the affected sections of the transmission corridor,” Mbah said.

The incident has forced both Apir–Lafia 330kV Transmission Lines I and II out of service pending the reconstruction of the damaged towers.

TCN said its engineers have been deployed to the site to assess the extent of the damage and determine the materials required to restore normal transmission along the corridor.

As an interim measure, the Lafia 330kV Transmission Station is being supplied through an alternative line to minimise the impact on electricity consumers within the franchise areas of Abuja Electricity Distribution Company (AEDC) and Jos Electricity Distribution Company (JEDC).

The company condemned the persistent vandalism of power infrastructure, warning that such acts undermine investments in the electricity sector and threaten the stability of the national grid.

It also urged residents and host communities to remain vigilant and report suspicious activities around transmission installations to security agencies or the nearest TCN office.

TCN stressed that safeguarding critical national infrastructure requires collective responsibility to ensure a reliable and uninterrupted electricity supply nationwide.

Continue Reading

General

IFC, NGX Group, LCCI Unveil Nigeria Gender Country Programme

Published

on

Gender and Equal Opportunities Commission

By Aduragbemi Omiyale

A Nigeria Gender Country Programme (NGCP) to advance private sector action on gender equality and inclusive economic growth has been unveiled at a high-level virtual CEO Roundtable convened by the International Finance Corporation (IFC), Nigerian Exchange (NGX) Group Plc, and the Lagos Chamber of Commerce and Industry (LCCI).

The NGCP builds on the momentum of Nigeria2Equal and other initiatives that have advanced workplace inclusion, women’s leadership, entrepreneurship, and sustainable finance across Nigeria’s private sector.

Designed as a more integrated and collaborative platform, the programme seeks to scale impact through coordinated action among development institutions, business leaders, regulators, and the organised private sector.

Anchored on three strategic priorities, the programme aims to increase women’s representation in leadership, improve access to quality employment, and expand access to productive assets—including finance, technology, and markets—for women and women-led businesses.

The partners are expected to formally launch the Nigeria Gender Country Program at a physical event scheduled for July 9, 2026, where stakeholders will further advance implementation of the programme’s strategic priorities.

At the virtual event, the Director General of the Securities and Exchange Commission (SEC), Mr Emomotimi Agama, said, “Gender inclusion is fundamentally an economic growth imperative. Closing gender gaps can unlock billions of dollars in value for Nigeria while strengthening business performance and national competitiveness. We must therefore move beyond viewing inclusion as a corporate social responsibility initiative or compliance exercise, and instead recognise it as a strategic driver of productivity, innovation, and sustainable economic growth.”

Commenting on the initiative, the chief executive of NGX Group, Mr Temi Popoola, said the initiative “presents a significant opportunity to deepen impact and accelerate progress across corporate Nigeria. By expanding women’s access to leadership opportunities, quality employment, finance, technology, and markets, we can unlock substantial economic value while building a more competitive, inclusive, and resilient private sector. At NGX Group, we believe the capital market has a critical role to play in advancing these outcomes through stronger governance, transparency, and stakeholder engagement.”

On his part, the IFC Head of Office in Lagos, Mr Christian Mulamula, said, “Closing the gender gap is one of the most significant opportunities to strengthen competitiveness and productivity. Across Africa, gender inequality is estimated to cost up to $2.5 trillion. Through the Nigeria Gender Country Program, IFC is working with the private sector to expand women’s leadership, improve access to better jobs, and increase opportunities for women-led businesses. Building on Nigeria2Equal, this initiative focuses on practical, measurable solutions that help businesses grow while advancing inclusive growth.”

In her remarks, the DG of LCCI, Ms Chinyere Almona, noted that the programme’s success would depend on leadership accountability and sustained commitment from business leaders, particularly in embedding gender inclusion into organisational strategy and execution.

Continue Reading

General

VDR, ECDIS Data Retrieved as NSIB Probes Maersk Vessel Collision at Bonny Anchorage

Published

on

Maersk Vessel Collision

By Adedapo Adesanya

The Nigerian Safety Investigation Bureau (NSIB) has commenced a forensic investigation into the collision between the container vessel MV Maersk Valparaiso and the oil tanker MT Lady Martina at Bonny Anchorage in Rivers State, following the download of Voyage Data Recorder (VDR) and Electronic Chart Display and Information System (ECDIS) data from the vessel for navigational analysis.

The bureau’s Director of Public Affairs and Family Assistance, Mrs Funke Adebayo Arowojobe, explained that in line with the International Maritime Organisation (IMO) Casualty Investigation Code and international obligations, NSIB had formally notified the Transport Safety Investigation Bureau (TSIB) of Singapore as a substantially interested State.

The incident, which occurred on May 20, 2026, has been classified by the bureau as a Very Serious Marine Casualty (VSMC).

She also said that NSIB activated its marine occurrence response protocols immediately after receiving notification of the incident, noting that the investigation Go-Team was deployed to Onne and Bonny on May 22 to commence evidence preservation and preliminary investigative activities.

The bureau disclosed that investigators boarded both vessels and conducted interviews with their masters and key crew members, while operational records and navigational data linked to the incident were secured.

Also, the director stressed that the bureau had commenced collaborative engagement with relevant local and international stakeholders as part of the investigation process, assuring the public and maritime stakeholders that the investigation would be conducted with professionalism, independence and thoroughness, stressing that the objective was to determine the causal and contributory factors of the occurrence and enhance maritime safety.

Continue Reading

Trending