…Appoints Receiver/Manager
By Adewale Sanyaolu
FBNQuest Trustees Limited, a subsidiary of FBN holdings has appointed a receiver/manager for KEPCO Energy Resources Limited, a special purpose vehicle for Sahara Energy Resources Group Limited, owners of Egbin Power, Ikeja Electric and First Independent Power Limited(FIPL).
In executing the takeover, FBNQuest has appointed Kunle Ogunba and Associates as its receiver/manager.
When a company falls into receivership, it means a court-appointed or privately appointed receiver takes control of the company’s assets and operations.
As a consequence, the company’s management and directors lose control over assets and operations.
Details later
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