Confusion grew in the power sector on Wednesday following a report that KEPCO Energy Resources Nigeria Ltd, the majority owner of Egbin Power Plc, had been placed under receivership after a creditor, FBNQuest Trustees Ltd, moved to recover unpaid debts. In a public notice issued on Wednesday, it was stated that a Senior Advocate of Nigeria, Kunle Ogunba of Insolvency Forte, was appointed by the court as the Receiver/Manager to take control of KEPCO’s assets, including its 70 per cent stake in Egbin Power, Nigeria’s largest thermal power plant. However, the power entities debunked Ogunba’s receivership claim, saying Egbin Power Plc, Ikeja Electric Plc, and First Independent Power Limited remain fully operational, financially stable, and firmly under the control of their legitimate management. KEPCO, a subsidiary of Sahara Energy Resources Group, acquired the majority stake in Egbin Power during the 2013 power sector privatisation, partly financed through credit facilities. Ogunba said the receivership followed a Security Deed signed in August 2013 and registered with the Corporate Affairs Commission in 2014. He said the Deed of Appointment was formally filed with the CAC in June 2025. According to him, all debtors, financial institutions, and regulatory agencies have been instructed to freeze any dealings with KEPCO’s assets until further notice. The notice specifically named institutions such as the Nigerian Bulk Electricity Trading Plc, Nigerian Bulk Electricity Trading Plc, the Nigeria Electricity Supply Industry Stabilisation Security Limited, the Nigerian Electricity Regulatory Commission, and the Bureau of Public Enterprises to take note of the new development in the power companies. “Take Notice That ‘Kunle Ogunba Esq. SAN, Legal Practitioner of INSOLVENCY FORTE, House 1928, Isale Eko Avenue, Dolphin Estate, Ikoyi, Lagos, has been appointed Receiver/Manager by Messrs FBNQUEST Trustees Ltd over the entire undertakings, stocks, good will, plant and machinery, moveable and fixed properties or assets of Kepco Energy Resources Nigeria Ltd — in Receivership and its 70 per cent stake in Egbin Power Plc, pursuant to a Security Deed dated the 21 day of August, 2013 registered at the Corporate Affairs Commission, Abuja on the 22nd day of JANUARY, 2014. The Deed of Appointment of Receiver/Manager dated the 19th day of June, 2025, has been duly registered with the Corporate Affairs Commission, Abuja. “All debtors of the company are to preserve the assets in furtherance of the ongoing receivership exercise. Also, all creditors (if any) are to send their proof of claims to the Receiver/Manager within 14 days from the date of this publication,” the notice stated. It added that “all deposits, cash, shares and others currently held by Banks, Financial Institutions, Companies and Regulatory Authorities in Nigeria should be held until the issuance of further directives by the adjudicating Courts or his appointors in accordance with the subsisting actions in Suit FHC/L/CS/1281/2025, particularly in Suit FHC/L/CS/1242/2025 pending at the Federal High Court, Lagos Judicial Division which has affirmed the appointment/subsistence of a receiver/manager and specifically refused to set aside same as a completed act. “All holders of such deposits in favour of the company and all financial institutions, institutions (particularly the Nigerian Bulk Electricity Trading Plc, Nigeria Electricity Supply Industry Stabilisation Security Ltd, Nigerian Electricity Regulatory Commission, Bureau Of Public Enterprise and current accounts in favour of the company should contact the Receiver/Manager stating the balances and where secured facilities are granted, the type of security attached should be disclosed.” Debunking the notice, the power entities described it as a false media report sourced from misleading advertorials. The management of the power companies said the notice was contrary to a subsisting court ruling. “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,” the Chief Legal and Regulatory Officer, Ikeja Electric, Babatunde Osadare, said on behalf of the power companies’ management. Osadare said the claims were not only false, but “represent a gross misrepresentation of facts and a malicious attempt at self-help designed to subvert the course of justice.” According to him, in definitive rulings delivered on August 5, 2025 (Suit Nos. 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/Manager from taking any adverse actions. Osadare said the rulings specifically prohibits the purported Receiver/Manager 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 Power Entities 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 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,” Osadare said. He reassured all stakeholders that 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 added. This is coming amid the trillion-dollar debts rocking the power sector. It could be recalled that some distribution companies have been taken over by lenders due to their inability to pay their loans. There are fears that the power sector may be paralysed if Egbin, the largest power plant, falls under receivership. The claims and counterclaims between both parties have continued to generate reactions among industry players. In his comment, the Director/Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Muda Yusuf, said the report of the receivership highlighted the persistent challenges of the power sector, which “has become a troubling conundrum.” According to him, the challenges stemmed from flawed privatisation processes, ageing equipment, limited technical and financial capacity of the power distribution firms, problematic pricing and tariff structures, coupled with affordability concerns among the citizenry and an unsustainable subsidy regime. The result, he regretted, has been an acute liquidity crisis in the sector. Yusuf noted that there are clear conflicts between the commercial objectives of private investors, DisCos, and GenCos; the citizens’ desire for affordable electricity; the quest by industrialists for an investment-friendly electricity tariff; and a politically acceptable tariff regime. “The government’s obstruction and the citizens’ opposition to cost-reflective tariffs, despite demands from private investors in the sector, further complicate the situation. This created numerous contradictions and conflicts that require careful and painstaking strategic resolution. What has happened to the DisCos is also partly a consequence of the prohibitive interest rate in the economy, given the high degree of leveraging of most of the DisCos. It is very difficult for any long-term project to survive the current excruciating lending rate in the economy,” he explained. Meanwhile, Yusuf noted that it would be perturbing if Ikeja Electric, often touted as the best-performing electricity distribution company in the country with a prosperous customer base, would end up in receivership. “This development suggests a similar fate could await other distribution companies in the near term. Indeed, five others were already in receivership before now. They include Abuja, Benin, Kaduna, Kano, and Ibadan DisCos. Given the power sector’s strategic importance, government’s urgent intervention is imperative to prevent a complete collapse of the national power ecosystem. The power sector is not just a business; it is crucial for economic development, economic sustainability and economic security. “While a sustainable framework for power sector liquidity and subsidies is being developed, the government must take immediate steps to stabilise the sector. “Meanwhile, the worry now is that in a receivership, banks primarily seek to recover their funds, typically disregarding economic, social, environmental, or productivity objectives. The overriding objective would be debt recovery, even if it means liquidating the assets. The ultimate victims of a power sector collapse are citizens, industries and investors,” he submitted.

The West African Examinations Council has come under renewed fire following the temporary shutdown of its result checker portal on Wednesday evening, a move it attributed to “technical issues.” The announcement, posted via WAEC’s official X handle, @waecnigeria, sparked fresh criticism as many Nigerians continue to express outrage over the poor performance recorded in the 2025 West African Senior School Certificate Examination, particularly in English Language. “WAEC hereby informs the general public that the result checker portal @waecdirect.org is temporarily shut down due to technical issues. “However, the Council is working assiduously to ensure that candidates are able to access their results in the next 24 hours. We apologise for any inconvenience this might have caused you,” the notice read. Wednesday’s notice has further fuelled speculation and public discontent over the examination body’s credibility, especially after Monday’s announcement that only 38.32 per cent of the 1,969,313 candidates who sat the 2025 WASSCE obtained credits and above in five subjects, including English Language and Mathematics, the worst performance recorded in a decade. Across social media platforms, many candidates and concerned Nigerians pointed fingers at WAEC’s logistics failures, especially the delayed conduct of the English Language paper, which reportedly held late into the night at many centres on May 28. On X (formerly Twitter), several users shared screenshots of results showing credit passes in other subjects but failure in English, calling for a comprehensive review of the English Language scripts. Tweeting at @sikimark, Mark Imohi wrote, “It is concerning that the English exam, which was delayed at centres nationwide, is now resulting in widespread failures. If JAMB could make amends, we hope you (WAEC) will take steps to rectify the situation. It was a national disgrace.” Another user, @_samad1, lamented, “We wrote exams at 8 pm. We were given one hour or 30 minutes to answer questions that should last two and a half hours. There was no light, and everyone was in a hurry to leave. Please rethink.” Some candidates expressed optimism that once the portal is reopened, there could be changes in the scores. “When the portal is reopened, you will see magic,” tweeted Daniel Ebitimi (@ebitimi_da15726). Others alleged deliberate manipulation and revenue generation motives behind the poor grading. “Just like JAMB, WAEC is gambling with the future of Nigerians. If the majority of the D’s, E’s and F8’s awarded in English are rechecked, WAEC will pay dearly,” @JayTrezy posted. Parents also joined the chorus of displeasure, expressing confusion over how students who excelled in other subjects could have failed English. “My daughter got five A1 and two B2, only to get D7 in English and Physics (withheld),” tweeted a parent, @Johnway11145073. Another user, @DEYHOT_official, pleaded, “WAEC, please I am begging, help us check the English Language exam again. I can’t accept this result. I struggled so hard to get money and pay for this exam, and now you failed me. This result is affecting my future.” Some went as far as demanding a total recall of the 2025 results. “We reject this year’s results, particularly the English and Maths. WAEC, please do the needful to avoid mass protests,” @pastorbtdaniels posted. The Teacher, @MarquizDejavex wrote, “Students wrote English paper in the mid night and yet WAEC failed them.” King Jeporphs, @e_okwori tweeted, “The students who were robbed and given abysmal grades in English should tag presidency, Minister of education to have an external body revise the whole exam process.” WAEC has yet to issue any further clarification on the English Language grading or respond to the growing demands for a review of the affected scripts.

President Bola Tinubu has put forward the nomination of Abdullahi Ramat to serve as the Chairman and Chief Executive Officer of the Nigerian Electricity Regulatory Commission. In addition, he also named Mr. Abubakar Yusuf as the proposed Commissioner for Consumer Affairs and Dr. Fouad Olayinka Animashun as Commissioner for Finance and Management Services at the regulatory agency. This was disclosed in a statement signed by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, on Thursday. It read, “President Bola Tinubu has nominated Engr. Abdullahi Garba Ramat as the new Chairman/Chief Executive Officer of the Nigerian Electricity Regulatory Commission (NERC). Engr Ramat, 39, is an electrical engineer and administrator, with a PhD in Strategic Management, among other qualifications. “President Tinubu also nominated two commissioners for the NERC. They are Mr Abubakar Yusuf, Commissioner of Consumer Affairs and Dr Fouad Olayinka Animashun, Commissioner of Finance and Management Services. All nominations are subject to Senate confirmation. “The commission’s acting chairman will continue to hold his position until the confirmation of the new chairman-designate,” the statement partly read.  

‎‎The Nigeria Civil Aviation Authority has said popular Fuji musician, Wasiu Ayinde, also known as K1 de Ultimate, will be blacklisted from flying within Nigeria for six months over alleged misconduct at the domestic terminal of the Nnamdi Azikiwe International Airport, Abuja. ‎The Director of Public Affairs and Consumer Protection at the NCAA, Michael Achimugu, disclosed this on Thursday during a press briefing. ‎“What I must assure the general public is that everybody involved in this will be brought to book. ‎“As we speak, the passenger is going to be blacklisted for the next six months flying in Nigeria,” he said. ‎Achimugu added that aviation rules are global and made for the safety of all, stressing that no individual would be exempt from accountability. ‎‎“So, we will do everything we can to get to the root of it. Everybody who needs to be punished or sanctioned will receive justice,” he added. ‎He further revealed that the agency was writing to the Attorney General of the Federation and the Inspector General of Police to initiate legal proceedings against the musician. ‎When asked whether Ayinde would be spared prosecution due to his close ties with President Bola Tinubu, Achimugu said both Tinubu and the Minister of Aviation and Aerospace Development, Festus Keyamo, were committed to upholding the rule of law. Meanwhile, the Minister of Aviation and Aerospace Development, Festus Keyamo, has directed that K1 be placed on a no-fly list pending the outcome of an investigation into the incident. In a post on his official X account on Thursday, Keyamo said he had reviewed reports and video footage from relevant aviation agencies and concluded that both the musician and the aircraft crew acted in ways that breached safety protocols. “I have received reports from all the relevant Aviation agencies regarding the altercation between the staff and crew of ValueJet and Kwam 1 at the Nnamdi Azikiwe International Airport, Abuja, on Tuesday, August 7, 2025. I have also received video footage of the incident. “From all the details so far received, my preliminary impression is that it was obviously a case of temporary loss of sanity and control on both sides, which could have led to serious fatalities,” the minister said. Keyamo added that the action was “akin to a hostage situation,” warning that no one, including celebrities, would be allowed to act with impunity. He added, “Contrary to what the agents of Kwam 1 has said, he CONSTANTLY moved his position on the tarmac to ACTUALLY BLOCK the aircraft from taxiing to take position on the runway for take-off. This is TOTALLY UNACCEPTABLE behaviour. The issue of whether he was carrying water or alcohol is not even in issue at this point. “It is the physical blockage of the aircraft from taxiing that is the reprehensible conduct here which akin to a hostage situation.” He also questioned why only the pilot and captain had been sanctioned, stating that “what applies to the goose must also apply to the gander.” “In the circumstance, I have also directed the NCAA to place KWAM 1 on a no-fly list pending further and full investigation, just like the captain and pilot. “All airlines, both domestic and international should immediately be informed of this directive and anyone who flouts this directive risk withdrawal of their operating licence,” the statement concluded. The Federal Airports Authority of Nigeria had earlier confirmed it was investigating K1 de Ultimate over an alleged violation of aviation security protocols at the Nnamdi Azikiwe International Airport, Abuja. In a statement on Wednesday, FAAN said the incident occurred during boarding procedures for a ValueJet Airlines flight (VK 201) to Lagos on Monday, August 5. The musician was accused of attempting to carry an unidentified liquid substance onboard despite repeated warnings from aviation security personnel and the flight captain. FAAN explained that the item in question, a flask, contained liquid beyond the 100ml limit permitted under international aviation security regulations. Tensions reportedly escalated when the musician refused further screening and spilled the contents of the flask, later confirmed to be alcohol, on a security officer. However, the musician denied wrongdoing, describing the reports as exaggerated and misleading. In a statement issued by his media aide, Kunle Rasheed, K1 maintained that the flask contained plain drinking water given to him at the airport lounge and that he made respectful efforts to clarify the matter before it was unnecessarily escalated. The statement dismissed claims that he blocked the aircraft or threatened safety procedures, insisting the singer remained calm throughout the encounter and never acted in a manner that endangered lives. It also alleged that senior airport officials and airline executives reached out personally to apologise over the misunderstanding, even offering a private jet to fly him to Lagos at no cost. “We urge the media and the public to avoid sensationalism and allow the truth — not assumptions — to guide their judgment. K1 remains a law-abiding citizen and continues to cooperate fully with all relevant authorities to ensure that the matter is responsibly resolved,” the statement read.