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Billionaire Tonye Cole’s Sahara Energy Declared Bankrupt Over N15b Debt

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Billionaire Tonye Cole, the River State born boardroom colossus might be experiencing a business downturn for the second time if information at our disposal is anything to go by. The business mogul whose turnaround story was a prayer point to unfortunate entrepreneurs is in trouble again, and this much Enquirermag can reveal.

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The man who’s believed to have always been unfortunate went bankrupt in 1998 after he and his business partners invested money into an oil transaction that was cancelled by the incoming administration in Nigeria after the military ruler, Sani Abacha died. He later made it big again and was estimated to be sitting on an oil conglomerate that’s worth $1.4 billion, according to Wealth-X. 

But today, 20 years after his bankruptcy story, Tonye Cole’s Sahara Energy is in another deep mess of a whopping N15b (Fifteen Billion Naira only) debt.

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According to informed sources, a federal high court sitting in Abuja, the federal capital territory of Nigeria has favoured a winding up petition filed by United Bank for Africa Plc, UBA against a limited liability company, Kepco Energy Resources Nigeria Limited with registered NO.: (RC 6900064) over the inability of the company to pay a debt of N15,221,674,976. In its ruling, the court has ordered that the winding up notice be advertised in the Federal Gazette and in one other National Daily Newspaper. 

 The order of the court was sequel to an application filed and argued before the court by Barrister Temilolu Adamolekun, in a winding up petition filed before the court, it was alleged that Kepco Energy Resources Nigeria Limited of 14, Colorado Street, Maitama Abuja, Nigeria which is into the business of new electricity distribution, metropolitan electricity search, energy and power generation was desirous of raising capital requirement to fund the acquisition of 70% share of the Egbin Power Plant located at Egbin, Lagos state. 

 To actualise the acquisition, the company had approached several banks for credit facilities and was bailed out by United bank for Africa to the tune of $35m (Thirty Five Million Dollars) United States Dollars in August, 2013.

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As part of the security for the credit facilities granted to the company, another company, Sahara Energy Resources Limited owned by billionaire Tonye Cole executed a sponsor Guarantee Assurances Deed wherein Sahara stood as a corporate Guarantor and undertook to irrevocably and unconditionally pay the bank any unpaid balances /sums owed the bank. 

 As at the 31st of December 2018, the indebtedness of the company to UBA stood at $42, 282,430,49 which is equivalent to N15,221,674,976.

The bank has made several demands on the company to pay it’s debt but to no avail. The company is insolvent and unable to pay its debt. In the circumstances, it is just and equitable that the company be wound up. 

Consequently, Mr. Adamolekun urged the court to grant an order for the advertisement of the petition, as it is imperative that the petition is brought to the notice of all persons desiring to be joined as parties. 

In his ruling, the presiding Judge, Justice Inyang Edem Ekwo after listening to the submission of Mr. Adamolekun ordered that the petition against Kepco Energy Resources Company be advertised in the Federal Gazette, in one National Daily Newspaper and one other Newspaper circulating within the Federal Capital Territory, Abuja where the registered office or principal place of business of the company situates.

Thereafter, Justice Ekwo adjourned till 27th of June 2019 for report of compliance. 

In a related development, a federal high court sitting in Lagos south West Nigeria had earlier ordered that a winding up petition filed by Barrister Adamolekun on behalf of UBA against Sahara Energy Resources limited, the guarantor of the said loan granted to Kepco Energy Resources Nigeria Limited be advertised, in the Federal Gazette, and one National Daily  Newspaper due to the failure of the company to meet its obligation to the bank, in respect of the loan it guaranteed. The petition had since been advertised. 

Jite Usman

Culled @enquier magazine

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Ibadan Mogajis pledge allegiance to Olubadan-designate

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Ibadan Mogajis pledge allegiance to Olubadan-designate

Ibadan Mogajis pledge allegiance to Olubadan-designate

 

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FAMILY heads in Ibadan, also known as Ibadan Mogajis, on Thursday, visited the  Olubadan-designate, Oba Owolabi Olakulehin, and pledged their allegiance to him.

 

Ibadan Mogajis pledge allegiance to Olubadan-designate

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The exercise was in fulfilment of the Ibadan tradition upon the nomination of Olakulehin as the Olubadan-designate.

The Mogajis were led by the Aare Egbe Mogaji, Asimiyu Ariori, to the private residence of Oba Olakulehin in the Alalubosa Government Reserved Area, Ibadan, Oyo State capital.

The PUNCH reports that the Olubadan-In-Council nominated and forwarded the name of Oba Olakulehin to the state government, after an April 16 selection meeting called by the Otun Olubadan of Ibadanland, High Chief Rashidi Ladoja, at Oja’ba Palace in Ibadan.

 

 

The stool became vacant after the demise of Oba Lekan Balogun, who reigned for two years before joining his ancestors at the age of 81 years.

 

 

Speaking during their visit to the Olubadan-designate, the Mogajis, speaking through Ariori, pledged their support to the monarch and prayed for sound health and long life during his reign.

The Mogajis also sought the permission of the Olubadan-designate to visit the Otun Balogun, Oba Tajudeen Ajibola, in line with the tradition, noting that the same was done to the Otun Olubadan, High Chief Rashidi Ladoja, after they visited the 42nd Olubadan, the late Oba Lekan Balogun, upon nomination.

 

Oba Olakulehin, who in his response, granted their request and appreciated the Mogajis for the visit, prayed that each of them would fulfil their desires on the path to the Olubadan throne.

The younger brother of the monarch, Chief Osuolale Owolabi, thanked the Mogajis for their pledge of support and obeisance to the Olubadan-designate.

 

 

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Delta bloodbath: Villagers shun Reps hearing

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Delta bloodbath: Villagers shun Reps hearing

 

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MEMBERS of the House of Representatives Committee on Defence were in Warri, Delta State, on Wednesday, for the scheduled investigative hearing into the killing of 17 military personnel at Okuama community, in Ughelli South Local Government Area of Delta State.

 

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Delta bloodbath: Villagers shun Reps hearing

 

The investigative hearing was in line with the resolution of the House during its sitting on March 19 to investigate the remote causes of the incident.

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The PUNCH reports that 17 military personnel, including a Lieutenant Colonel, two Majors and a Captain, were ambushed and killed by yet-to-be-identified gunmen while they were in Okuama on a peacekeeping mission.

Following the incident, military personnel, in what was considered to be a reprisal, demolished and razed houses in the Okuama riverine community, with residents taking refuge in the neighbouring bushes of Ewu Kingdom.

 

The House committee members, led by Babajimi Benson, arrived at the sitting venue at the Government House Annex, Edjeba, in Warri South Local Government Area of the state, at about 10.45 a.m. but waited endlessly for indigenes of the troubled Okuama community to make their presentations.

However, while the waiting lasted, sources said the villagers failed to show up for “fear of arrest or intimidation by the military.”

However, the committee chairman, while addressing journalists, said the committee had received useful memoranda on the incident from some stakeholders.

 

The House committee members, led by Babajimi Benson, arrived at the sitting venue at the Government House Annex, Edjeba, in Warri South Local Government Area of the state, at about 10.45 a.m. but waited endlessly for indigenes of the troubled Okuama community to make their presentations.

However, while the waiting lasted, sources said the villagers failed to show up for “fear of arrest or intimidation by the military.”

However, the committee chairman, while addressing journalists, said the committee had received useful memoranda on the incident from some stakeholders.

 

Benson also disabused the minds of Okuama indigenes who might be worried about their safety, assuring them that “there would be no witch-hunt whatsoever.”

He advised members of the public who are willing to submit a memorandum to do so in 10 copies and submit the same to the committee within one week.

 

He said they could submit such memoranda to the clerk of the committee, Musa Aliyu at the National Assembly, Abuja, or at the public investigative hearing.

He said, “The House of Representatives Committee on Defence looks forward to a robust engagement and meaningful contributions from all stakeholders.

“We came in yesterday (Tuesday). We met Governor Oborevwori and we told him our mission. We’re here today (Wednesday) to see members of the community on camera and by way of memoranda.

“We’ve received a lot of memoranda from them but they’ve not turned out physically. The window is extended for a week. So we’re still expecting a lot more memorandum from the people of Okuama community.

“We’ve assured the governor and the people that we have the full backing of the House of Representatives to ensure that this matter is reviewed from both sides and followed to a logical conclusion.”

 

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Prophet Kingsley Aitafo Rolls Out 3 Days Prophetic Crusade

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Prophet Kingsley Aitafo Rolls Out 3 Days Prophetic Crusade

Prophet Kingsley Aitafo Rolls Out 3 Days Prophetic Crusade

Prophet Kingsley Aitafo led Oneness in Christ ministry in conjunction with CCC Living Grace Tabernacle has declared the theme of their monthly three days open revival.
Prophet Kingsley Aitafo Rolls Out 3 Days Prophetic Crusade
Tagged Praise Him for His mighty acts, the power packed crusade begins on Sunday, April 28th till 30th of April 2024 at 20 Showole street, Ewupe, Singer Sango, Ogun state from 5pm daily.
Other guest ministers include Prophetess Irenise, Prophetess Arinola and Evangelist Lanre Matthew.
According to prophet Kingsley Aitafo, the revival will featured salvation, healing, deliverance, signs and wonders with prophetic solutions .

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