society

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

Published

6 years ago

May 19, 2019

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

Related Topics:coverstory Sahara energy Tonye cole

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Deadly Stampedes Spark NASRE Outcry: ‘End Poverty, Save Lives'”

Published

3 hours ago

December 23, 2024

Sahara Weekly

Deadly Stampedes Spark NASRE Outcry: 'End Poverty, Save Lives'"

NASRE Demands Action as Food Stampede Tragedies Expose Systemic Failures”

The Nigerian Association of Social and Resourceful Editors (NASRE) has condemned the rising death toll from food queue stampedes, which claimed 67 lives across Nigeria in just four days, labeling it a “heartbreaking reflection of systemic failures.”

In a statement on Monday, NASRE’s Media Director, Lateef Owodunni, described the tragedies as a grim consequence of worsening poverty and the government’s inability to protect its citizens.

The group first mourned the victims of a December 18 stampede at a Christmas funfair in Ibadan, where 35 children tragically lost their lives.

“This horrific incident highlights the dire need for better planning and safety measures at public events, especially those involving children,” Owodunni stated.

NASRE also expressed sorrow over the deaths of 10 people, including children, during a food aid distribution at Holy Trinity Catholic Church in Abuja. Offering condolences to affected families, the group described the incident as a “wake-up call for the nation’s conscience.”

The association further decried the fatal stampede at a rice distribution event in Anambra that killed 22 people and injured 32 others, calling for immediate reforms in the management of relief efforts.

“These tragedies paint a grim picture of a nation plagued by poverty and failing social support systems. Acts of charity should not lead to preventable deaths. The government must revamp its approach to palliative distribution to prioritize safety and dignity,” Owodunni emphasized.

NASRE stressed that the root cause of such tragedies is deep-seated poverty and urged the government and private organizations to implement sustainable solutions.

“No Nigerian should lose their life in the pursuit of food or assistance. This is a national disgrace and a call to action for all stakeholders to safeguard the well-being of our most vulnerable citizens,” the statement concluded

society

Family Accuses Kwara Police of Torturing Man to Death Over Debt, Investigation Underway

Published

9 hours ago

December 23, 2024

Sahara Weekly

Family Accuses Kwara Police of Torturing Man to Death Over Debt, Investigation Underway

The death of 35-year-old Jimoh AbdulQodir Tunji in the custody of the Kwara State Police Command has left his family and the local community in shock, with accusations of police brutality emerging after the man’s tragic passing.

Tunji, a poultry farmer, was allegedly arrested on Friday, December 20, following a petition filed by his employer over an unpaid debt of N220,000. His family has accused police officers of torturing him to death while in custody, a claim that has sparked widespread outrage.

A heartbreaking video surfaced online on Sunday, showing Tunji’s grieving mother and relatives accusing the police of causing his death. In the emotional footage, his mother tearfully cried out, “My son did not kill anyone. He only owed someone. They have killed my son. Please, come to my aid. The police at the headquarters have killed my son. His name was Kadri. He was a good boy in the community. They beat him to death in police custody. They didn’t allow us to see him. Blood was gushing out of his nose.”

In response to the allegations, the Kwara State Police Command released a statement confirming the incident. The police spokesperson, Ejire-Adeyemi Toun, stated that Tunji had been invited by the police on charges of obtaining money by “false pretence” and confirmed that an investigation had already begun to determine the cause of death.

“The Kwara State Police Command is aware of an unfortunate incident that led to the tragic loss of one Mr. Jimoh AbdulQodir, which occurred on December 20, 2024,” the statement read. “The deceased was invited on an alleged case of obtaining money by false pretence to the sum of N220,000. Discreet investigations into this incident have commenced to ascertain the cause. Further developments on the outcome will be communicated as it progresses, as no stone will be left unturned.”

The case has drawn significant attention, as it marks the third time in under five months that the Kwara State Police have been implicated in the death of a suspect. Earlier this year, police officers were accused of causing the deaths of 27-year-old Suleiman Olayinka, an asthmatic patient, and Kwara State Polytechnic student Ishola Abdulqoyum, who was allegedly fatally shot by officers in September.

In a bid to ensure accountability, the Inspector-General of Police (IGP), Kayode Adeolu Egbetokun, instructed the Force Criminal Investigations Department (FCID) to take over the investigation into Tunji’s death. The IGP expressed his condolences to the bereaved family and reassured the public of a thorough and impartial investigation.

During a meeting with the family on Sunday, the IGP said, “The IGP has ordered the FCID to handle the case with utmost diligence and ensure a conclusive and impartial investigation. He further reassured the family and the general public that the Nigeria Police Force remains committed to upholding the highest standards of accountability, professionalism, and respect for human rights.”

The case has reignited concerns about police brutality in Kwara, as the region grapples with rising incidents of alleged police violence. As the investigation unfolds, the family and the public are closely watching to see if justice will be served.

society

Seven Dead in Light Aircraft Crash in Jalisco, Mexico

Published

9 hours ago

December 23, 2024

Sahara Weekly

Seven Dead in Light Aircraft Crash in Jalisco, Mexico

At least seven people have died following the crash of a light aircraft in a remote, heavily forested area of Jalisco, western Mexico, local authorities confirmed on Sunday.

The aircraft, a Cessna 207, was en route from La Parota in the neighboring state of Michoacan when it went down. Jalisco Civil Protection reported the crash site was in an area difficult to access, complicating rescue and recovery operations.

In a statement on social media, Civil Protection confirmed that “preliminary reports” from the scene indicated that seven people had died. Their identities have not yet been released, and authorities are working to confirm further details.

The agency also mentioned that a fire at the crash site was extinguished, and risk mitigation efforts were carried out to prevent additional damage. “We are waiting for forensic investigators to arrive to remove the bodies and rule out the presence of other victims,” the statement added.

The cause of the crash remains under investigation, with authorities working to gather more information on the incident.