12 August 2025
The management of Korea Electric Power Corporation (KEPCO) and its partners have raised objections to the appeal filed by Nigerian banks in the ongoing receivership case involving FBNQuest Trustees Limited and Ikeja Electric.
The dispute stems from the appointment of a receiver-manager over Ikeja Electric by FBNQuest Trustees on behalf of the banks, a move KEPCO and other stakeholders argue is unlawful and contrary to existing agreements.
In their filing, the appellants contend that the receivership undermines operational stability and could disrupt power distribution to millions of customers in Lagos and its environs. They have urged the appellate court to uphold earlier rulings in their favour and set aside the banks’ challenge.
The legal tussle, which has drawn attention from both the financial and energy sectors, is expected to test the balance between lenders’ rights and the stability of Nigeria’s critical infrastructure. The court is set to fix a date for hearing in the coming weeks.