Lagos, Nigeria | August 7, 2025
The management of Egbin Power Plc, Ikeja Electric Plc (IE), and First Independent Power Limited (FIPL) has firmly dismissed recent media reports suggesting that the companies are under receivership, describing the claims as false and misleading.
In a joint statement issued in Lagos, the three energy firms clarified that the reports, which stemmed from advertorials published in certain national dailies, are baseless and do not reflect the true financial or operational status of the companies. They emphasized that none of the three entities is in receivership or subject to any form of court-ordered takeover.
“The misleading publications are not only inaccurate but also capable of causing unwarranted panic among stakeholders, including investors, customers, and partners,” the statement read. “We remain fully operational, financially stable, and in full control of our assets and operations.”
The companies stressed that they continue to deliver critical power services across their respective service areas and maintain healthy relationships with regulators, creditors, and financial institutions.
Industry observers believe the false receivership claims may have stemmed from misinterpretations of ongoing legal proceedings involving Sahara Group, the parent company of the three firms. However, company representatives insist that such matters do not affect the independent and ongoing operations of the subsidiaries.
Egbin Power Plc remains one of Nigeria’s largest power generation companies, while Ikeja Electric Plc is a major electricity distribution firm serving Lagos and its environs. First Independent Power Limited (FIPL) operates several power plants in the Niger Delta region.
The companies urged the public and the media to disregard the false reports and rely only on verified statements from their official channels.
