Receivership: Appeal Stalls Hearing Of Kepco Energy, Others’ Suit Against Ecobank, Others

Justice Akintayo Aluko of a Federal High Court, Lagos, has adjourned further hearing of receivership suit filed by Kepco Energy Resources Nigeria and other against Ecobank Nigeria Limited and others till January 27, 2026.

The adjournment was sequel to an appeal filed by the parties in the suit.

It would be recall that the plaintiff, Kepco Energy Resources Nigeria Limited alongside New Electricity Distribution Company Limited and Ng Power-HPS Limited have dragged Ecobank Nigeria Limited and nine others before the court in a suit numbered FHC/L/CS/1242/2025, over alleged receivership.

Others listed are respondents in the suit are; Access Bank Plc; First City Monument Bank Limited; Fidelity Bank Plc; Sterling Bank Plc;
United Bank For Africa Plc; Union Bank Of Nigeria Plc; Zenith Bank Plc; FBNQUEST Merchant Bank Limited and FBNQUEST Trustees Limited.

At the resumed hearing of the matter on Monday, Barrister Opeyemi Adekoya led Benjamin Nwosu, Adeola Akinyemi, Mariam Oyede and Olatide Omotimirin appeai for the plaintiff (kepco) While Mr. Adekunle B Ogunba (SAN) leading O. A. Divine, O..T Ogunba, I. U Odo, B. R Kreni and M. O Alape, appeared the defendant (Ecobank).

Also in court was the the Legal head of KepCo Energy Resource Nigeria Limited, Mr. Tolu Fadipe.

At the day’s proceedings, the plaintiff counsel, Barrister. Adekoya informed the court of an appeal filed by the defendants against the ruling of the court delivering on August 5, 2025.

Adekoya further told the court that records have been compiled and transmitted and the Appellant’s brief has been filed.

Responding, Ogunba (SAN) confirmed the position as to the Appeal and he stated that the Notice of Appeal is dated and filed August 8, 2025, adding that it was served on the plaintiff on August 11, 2025.

The learned silk informed the court of the respective Affidavits for the Record filed by the Plaintiff on August 11, 2025* and that of the Defendants filed on August, 15, 2025.

He further further informed the court that his application for stay of proceedings remains unopposed and the Plaintiff is yet to respond to the appellant’s brief at the Court of Appeal.

Finally, our A.B Ogunba SAN submitted that we have not in any way dissipated the _res_ and we do not intend to dissipate it , and he urged the Court to direct the Plaintiff to maintain status quo.

The plaintiff lawyer, Adekoya, informed the Court they are still within time to respond to the appellant’s brief and Ogunba (SAN) in response, told the court that the plaintiff’s request to adjourn the matter for report of appealis not feasible, as no date has been fixed for the hearing of the appeal adding that the plaintiff are yet to file a respondent’s ‘Brief of Argument’.

The Court however ruled that ‘it is best the matter is adjourned as the Court of Appeal is already seized of the matter and it cannot make any pronouncement on the application for stay of proceedings’.

Responding, defendant’s lawyer, Ogunba (SAN) stated that the second prayer on his application is for ‘a restraining order’ against the plaintiff.

The Court reiterated that an Appeal is already lodged at the Court of Appeal therefore the Court of Appeal is seized of the jurisdiction particularly as it relates to the motion for stay of proceedings which is already pending before the Court of Appeal.

Following the parties submissions, the judge therefore adjourned the matter to January 27, 2026, for report of Appeal.

The parties equally agreed to adopt the same in the sister suits, FHC/L/CS/1244/2025 and FHC/L/CS/1245/2025, between New Electricity Distribution Company Limited and Ecobank Bank Limited; First City Monument Bank Limited; Fidelity Bank Plc; Keystone BANK Limited; Sterling Bank Plc; United Bank For Africa Plc; Zenith Bank Plc; FBNQUEST Merchant Bank Limited; FBNQUEST Trustees Limited. And between NG Power-HPS Limited and Access Bank Plc; First City Monument Bank Limited; First Bank Of Nigeria Plc; Union Bank Of Nigeria Plc; Zenith Bank Plc; United Bank For Africa Plc; FBNQUEST Merchant Bank Limited and FBNQUEST Trustees Limited, respectively.

It would be recall that some electrical generating (GENCOs) and distribution companies (DISCOs) are currently entangled in receivership due to alleged insolvency.