Justice Akintayo Aluko of the Federal High Court, Lagos, has affirmed the appointment of Mr. Kunle Ogunba (SAN) as Receiver/Manager over Ikeja Electricity Distribution Plc (IKEDC), First Independent Power Limited, and Egbin Power Plc.
The court held that Ogunba’s appointment as Receiver/Manager of the three companies is a completed act. This was while ruling on various applications filed by the defendants/applicants in suits numbered FHC/L/CS/1245/2025, FHC/L/CS/1242/2025, and FHC/L/CS/1244/2025.
The applicants in the suits are Zenith Bank Plc, United Bank for Africa Plc, First City Monument Bank Limited, Union Bank of Nigeria Plc, Sterling Bank Plc, Fidelity Bank Plc, Ecobank Nigeria Limited, Access Bank Plc, Keystone Bank Limited, First Bank of Nigeria Limited, First Trustees Limited, and FBNQuest Merchant Bank Limited.
The plaintiffs/respondents are Kepco Energy Resources Nigeria Limited, New Electricity Distribution Company Limited, and NG Power-HPS Limited.
The banks had appointed a Receiver/Manager over the plaintiffs’ assets due to alleged failure to repay debts, prompting the plaintiffs to approach the court.
At Tuesday’s hearing, legal representations were as follows: Tolu Fadipe (Legal Head, Kepco Energy Resources Nigeria Limited), Ayomide Oluwafemi (Legal Officer, Union Bank of Nigeria Plc), Akinlola Makinde with Mariam Oyede, Ewaduwa Fabolade, and Ismail Ibrahim (for the plaintiffs), and Obinna A. Divine leading O.T. Ogunba, I.U. Udo, and B.R. Kreni (for the defendants).
The court ruled on two key applications:
1. Application for Dismissal of the Suit: Refused, as the court held that there are substantial issues requiring determination at the substantive hearing.
2. Application for Interlocutory Injunction: Granted in part, but the court agreed with the defendants that it cannot restrain a completed act — namely, the appointment of the Receiver/Manager.
Justice Aluko further directed that the decision in suit FHC/L/CS/1242/2025 would apply to the related suits:
FHC/L/CS/1244/2025 (NG Power-HPS Limited v. Access Bank Nigeria Plc & 7 others), and
FHC/L/CS/1245/2025 (New Electricity Distribution Company Limited v. Ecobank Nigeria Limited & 8 others).
The case was adjourned to October 20, 2025, for mention.
Separately, in a related action before Justice Deinde Dipeolu, the banks (as plaintiffs) are seeking declarations and orders pursuant to sections 554 and 556 of the Companies and Allied Matters Act (CAMA) 2020, the Companies Proceedings Rules 1992, and the Federal High Court (Civil Procedure) Rules 2019. Their prayers include:
A declaration that Kunle Ogunba (SAN), duly appointed under Deeds of Appointment dated June 19, 2025, and registered on June 25, 2025, is the legitimate Receiver/Manager of the pledged assets of the 1st to 12th defendants, and is entitled to operate without interference.
An order barring the 1st to 12th defendants, their directors, shareholders, officers, or employees from dealing with the pledged assets without recourse to the Receiver/Manager.
A declaration entitling the Receiver/Manager to exercise all functions, including the sale of pledged assets to offset outstanding debts, unhindered by the defendants or their agents.
A perpetual injunction restraining the defendants from obstructing the Receiver/Manager’s duties or tampering with the pledged assets.
Any further orders the court may deem appropriate.
