society
Billionaire Tonye Cole’s Sahara Energy Declared Bankrupt Over N15b Debt
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.
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.
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.
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
society
You Against Crime Founder Tayo Folorunsho Praises Winners of Abuja Schools Festival.
You Against Crime Founder Tayo Folorunsho Praises Winners of Abuja Schools Festival.
Abuja, Nigeria – The maiden edition of the You Against Crime – Schools Festival 2026 Grand Finale has concluded, marking a significant milestone in youth engagement and crime prevention efforts across the Federal Capital Territory (FCT).
The event, held at the University of Abuja, brought together 78 secondary schools from the six Area Councils of Abuja, with the top six schools competing in the Grand Finale.
*Winners Emerge*
Tudunwada School, Bwari took the top spot, followed closely by The Golden Crest Royal in second place, and Government Secondary School, Kuje in third.
*CULTURE, THE CURE FOR CRIME*
The festival’s theme, “Culture, The Cure for Crime,” highlighted the importance of values, identity, mentorship, and positive engagement in preventing crime and shaping responsible citizenship among young people.
*DISTINGUISHED GUEST SPEAKERS*
Auwal Musa Rafsanjani, Chairman, Amnesty International, praised the initiative, saying, “This festival is a beacon of hope for our young people, promoting values and principles that can shape a brighter future for Nigeria.”
Aisha Mohammed, Head of Enlightenment & Re-orientation, Economic and Financial Crimes Commission, emphasized the importance of mentorship, stating, “Empowering young people with the right guidance and opportunities is key to preventing crime and building a stronger nation.”
*PARTNERSHIP AND SUPPORT*
The 2026 Grand Finale Edition was proudly sponsored by Civicx Technology Ltd Int’l, reinforcing a shared commitment to youth empowerment and crime prevention through cultural reorientation and innovation.
Tayo Folorunsho, Host & Founder, You Against Crime International, addressing the media and appealed to government agencies to support initiatives like this, targeting young minds early.
You Against Crime International is a movement advocating cultural change as a long-term solution to crime. The organization remains committed to advancing youth development, civic responsibility, and nation-building across Nigeria.
society
TICP Customs Launches Paperless Regime, Warns Against False Declarations
TICP Customs Launches Paperless Regime, Warns Against False Declarations
The Customs Area Controller of Tin Can Island Port Command of the Nigeria Customs Service (NCS), Comptroller Frank Onyeka, has launched a roadmap for the full implementation of a paperless regime at the command.
Onyeka disclosed this during a press briefing in Lagos, stating that the command was fully prepared for seamless digital operations ahead of the nationwide rollout scheduled for the second quarter of the year.
He described the engagement as the first in a series of consultations aimed at sensitising stakeholders on the strategies, operational framework and expectations under the new regime.
The controller commended the media for its constructive reportage since his assumption of office and sought continued collaboration to ensure the success of the initiative.
Presenting the command’s performance report, Onyeka said the Tin Can Island Command generated ₦609 billion in revenue in 2025, describing it as the highest in the history of the command.
He added that revenue collection rose from ₦116 billion recorded in January of the previous year to ₦145 billion in the corresponding period last month, representing an increase of over ₦29.9 billion.
Onyeka stated that his vision was to make the command known for trade efficiency, explaining that under the paperless regime, containers would be released without physical contact between Customs officers and clearing agents, provided declarations were accurate.
He credited the Comptroller-General of Customs, Bashir Adewale Adeniyi, for providing the leadership and strategic direction driving modernisation efforts across Customs formations nationwide.
The controller urged stakeholders to avoid false declarations and engage directly with the command to resolve concerns, emphasising that transparency and dialogue were essential to achieving efficient port operations.
He assured that consignments with clear scanning results and proper documentation would be released promptly, while those flagged by the risk management system would undergo physical examination, adding that the command would continue to collaborate with other agencies to reduce cargo dwell time and enhance port efficiency.
society
Love on Display: Katie Price and Lee Put On a Public Show of Affection
Love on Display: Katie Price and Lee Put On a Public Show of Affection
By George Omagbemi Sylvester | Published by SaharaWeeklyNG
British media personality Katie Price is once again at the center of tabloid and public attention after being photographed poolside with her new husband, Lee, in a display of affection that quickly circulated across entertainment platforms. The images, reportedly taken during a recent leisure outing at a private resort location in the United Kingdom, show the couple embracing and kissing beside a swimming pool, with Lee prominently displaying a tattoo tribute dedicated to Price.
The photographs, which surfaced in mid-February 2026 through British tabloid outlets, depict the couple appearing relaxed and affectionate. Lee, whose full name has been reported in sections of the UK press but who largely maintains a lower public profile compared to his wife, lifted his arm to reveal a visible tattoo said to be in honor of Price and a gesture widely interpreted as a public affirmation of their relationship.
What happened was straightforward but symbolically charged: a public display of affection between newlyweds, amplified by Price’s longstanding celebrity status. Where it happened (poolside at what sources describe as a private holiday setting) underscores the blending of personal life and public spectacle that has long defined Price’s media journey. During a recent February getaway placed it squarely within ongoing tabloid interest surrounding her latest marriage. Price, 47 and her new husband Lee, whose visible tribute tattoo became the focal point of the moment.
Celebrity culture scholars argue that public figures such as Price operate within a media ecosystem where visibility sustains relevance. “Modern celebrity is performative intimacy,” explains Professor Graeme Turner, a media and cultural studies scholar known for his work on celebrity culture. “Public displays of affection are not merely private acts; they are communicative gestures that reinforce brand identity and narrative continuity.” In Price’s case, her romantic relationships have long been interwoven with her public persona.
Price first rose to prominence in the late 1990s under the glamour model moniker “Jordan,” before transitioning into reality television, publishing and business ventures. Her personal life (including previous marriages and high-profile relationships) has frequently generated headlines in the British press. This latest marriage continues that pattern of intense scrutiny.
The tattoo tribute displayed by Lee is particularly significant in celebrity symbolism. Body art dedicated to a partner is often perceived as a declaration of permanence. Dr. Chris Rojek, emeritus professor of sociology and an authority on fame and public identity, has observed that “celebrity relationships are sustained as much through symbolic reinforcement as through private commitment. Visible tokens (rings, tattoos, coordinated appearances) function as public assurances.” In this case, the tattoo serves not merely as personal expression but as a visual narrative device in an already highly mediated relationship.
How the moment unfolded (casually but conspicuously) reflects the dynamics of contemporary celebrity coverage. Photographs were reportedly captured either by paparazzi stationed nearby or shared through controlled media access, a common practice in the British entertainment industry. Within hours, the images were republished by multiple outlets, accompanied by commentary on Price’s relationship history and ongoing legal and financial challenges, issues that have previously placed her under intense public scrutiny.
Despite recurring controversy throughout her career, Price remains a resilient media figure. Communications analyst Mark Borkowski has previously remarked in interviews that “Katie Price understands publicity better than most. Whether by design or instinct, she maintains a feedback loop with the press that keeps her culturally visible.” The poolside photographs appear to fit squarely within that established pattern of managed exposure and reactive media amplification.
Critically, there is no indication of misconduct, public disturbance or controversy tied directly to the poolside display itself. It was, by all verified accounts, a consensual and celebratory expression of affection between married adults. The wider attention it has generated speaks less to the act and more to the individuals involved; particularly Price’s enduring position within British popular culture.
For global audiences, the episode illustrates a broader truth about contemporary fame: private milestones often become public commodities. The marriage of Katie Price and Lee (and the symbolic tattoo that now marks it) has become another chapter in a life lived persistently under the camera’s gaze.
As celebrity culture continues to blur boundaries between intimacy and publicity, moments like this poolside embrace are no longer trivial snapshots. They are narrative events, reinforcing identity, commitment and brand continuity in equal measure.
-
celebrity radar - gossips6 months agoWhy Babangida’s Hilltop Home Became Nigeria’s Political “Mecca”
-
society6 months agoPower is a Loan, Not a Possession: The Sacred Duty of Planting People
-
news6 months agoTHE APPOINTMENT OF WASIU AYINDE BY THE FEDERAL GOVERNMENT AS AN AMBASSADOR SOUNDS EMBARRASSING
-
society5 months agoReligion: Africa’s Oldest Weapon of Enslavement and the Forgotten Truth





You must be logged in to post a comment Login