Controversy erupted over claims that Nigerian banks have taken over Ikeja Electric (Ikeja DisCo), Egbin Power Plc, and First Independent Power subsidiaries owned by Sahara Energy due to a massive loan default. However, company management vehemently denies any takeover or receivership, stating they remain fully operational under Sahara Energy’s control.
On August 5, 2025, a Lagos High Court issued rulings related to the disputed loan totaling between ₦340 billion and ₦1.1 trillion, granting FBNQuest Trustees Limited conditional receiver/manager status over the companies. Yet, the court also restrained lenders and the receiver from enforcing adverse actions for now.
Sahara Energy insists media reports of a takeover are false and misleading, and no assets or operations have changed hands. The Centre for the Promotion of Private Enterprise (CPPE) has called on the Nigerian government to urgently intervene, warning the protracted dispute threatens the stability of Nigeria’s critical power sector, which already faces multiple DisCos in receivership and ongoing financial fragility.
This ongoing saga highlights the fragile state of Nigeria’s power industry and the urgent need to resolve heavy debt burdens threatening vital energy assets.