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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.

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

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Governor Dauda Lawal Hails Troops for Successful Fight against Banditry, Terrorism across Zamfara State

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Governor Dauda Lawal Hails Troops for Successful Fight against Banditry, Terrorism across Zamfara State

 

Governor Dauda Lawal has commended the troops of the Joint Task Force (North West) Operation Fansan Yamma for achieving significant operational successes against bandits in Zamfara State. The troops of the Joint Task Force launched an elaborate and coordinated onslaught in the early hours of Thursday, May 7, 2026, in the Kaura Namoda and Birnin Magaji Local Government Areas of Zamfara State. Following the encounter, troops effectively neutralised three gang leaders and recovered a cache of weapons and ammunition, which included an AK-47 rifle, a machine gun, a locally fabricated handgun, seven rifle magazines and a total of 571 rounds of ammunition.

 

Governor Lawal described the renewed military offensive as timely, particularly due to the successful operation recorded on May 10, 2026, which disrupted a significant gathering of notorious terrorist leaders and neutralised several commanders. The troops acted on an intelligence report that confirmed that the terrorists had converged at a concealed location in Tumfa Village, Shinkafi Local Government Area, with the intention to coordinate attacks and criminal activities targeting innocent communities in the state. The Air Component launched a precision airstrike on the identified terrorist hideout that successfully destroyed the structure, which served as the terrorists’ meeting point. The governor further reiterates Zamfara State Government’s commitment to ongoing support and logistics for the military and other security agencies operating in the state.

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Old Students Association rejects alleged commercialisation of Unity School land ‎

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Old Students Association rejects alleged commercialisation of Unity School land



‎By Ifeoma Ikem



‎The Unity Schools Old Students Association (USOSA) has rejected the alleged commercialisation of any unity schools land under the Public-Private Partnerships (PPP) initiative.

‎The association made its displeasure known during their awareness walk to protest the concession of the 33 hectares of land belonging to Federal Government College (FGC) Kano yesterday in Lagos.

‎The members were carrying placards, some of which read “PPP: Save the Future”, “Protect Unity Schools”, “PPP must serve Education not land conversion” and “Schools are not for Real Estate”.

‎President-General of the Unity Schools Old Students Association USOSA Michael Magaji says Public-Private Partnerships (PPP) was designed to improve public institutions, and not strip them of assets or reduce their land.

‎Over 60 Unity schools members were drawn from across the nation for the awareness walk to protest against the alleged sale of the school lands.

‎ The P-G said the association was advocating for a sustainable funding model that would preserve educational assets while improving infrastructure, manpower and learning conditions.

‎“Our coming together is to restore the lost glory of Unity Schools and strengthen Nigeria’s education system. Unity schools are nation-building institutions that have produced leaders across various sectors.

‎ “Unity Schools were not just about education, they were about integration built not by spectators but by active citizens that believe in one nation.

‎ “ The alumni support PPP but oppose the sale of educational assets. Unity never happens by chance but designed, nurtured and protected,’’ he added.

‎He added that the awareness walk brought about by the alumni across the nation was also to have a stronger network to revive the vision of the Unity Schools.

‎Mr Humphrey Nwafor, Lagos Chapter President, Federal Government College, Kano Old Students Association said that they are pushing back against the alleged commercialisation of Unity School lands.

‎Nwafor pointed out that the 33 hectares of land belonging to FGC Kano was concessioned without adequate consultation with stakeholders.

‎“We are saying there is a better option. Instead of selling our lands and assets, we would rather fund the schools ourselves.

‎“If the government says it does not have enough money to run the schools, the old students can provide support without taking one inch of the land,” he said.

‎According to him, the concession arrangement involving the school’s land will undermine the future of unity schools, which were established in the first place to promote national integration.

‎“These schools were established to unite Nigerians from different ethnic and religious backgrounds and we are appealing to President Bola Tinubu to intervene and ensure that public educational assets are protected,” he added.

‎He called on the Federal Government to leverage alumni networks in addressing funding challenges confronting unity schools.

‎“We are in solution mode and impact mode and we believe alumni associations should be integrated into the process of repositioning these schools.

‎“We recently met with officials of the Federal Ministry of Education and discussions are ongoing toward finding mutually beneficial solutions,” he said.

‎Mr Alex Akindumila, President of FGC Idoani Alumni Association said the concession controversy was a national test of how public assets and educational institutions are being managed.

‎He said that they are concerned that reducing lands allocated to unity schools could limit future expansion, agricultural projects, sports facilities, technical workshops and staff accommodation.

‎“The lands allocated to unity schools were deliberate and visionary.“They were designed to ensure that the schools remain self-sustaining and adaptable to future needs.

‎According to him, when you shrink the land of a unity school, you do not just reduce space, but reduce possibility , reduce ability to run agricultural programs that can feed students and teach enterprise, even the space required for sports facilities that build discipline, health and national pride.

‎Also, Mrs Ifeoma Okeke, an alumna of FGC Nsukka, called for transparency, due process and stakeholder engagement in any PPP arrangement involving educational institutions.

‎She said PPP agreements should align with the public purpose of the schools and not diminish their long-term capacity.

‎“There must be transparency, competitiveness and proper stakeholder engagement in any concession process involving public educational assets,” she said.

 

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NAPS Southwest Condemns Delay in Passage of HND,/B.SC Dichotomy Bill, Issues 30 Days Ultimatum to Nigeria Senate and Federal House of Representative

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NAPS Southwest Condemns Delay in Passage of HND,/B.SC Dichotomy Bill, Issues 30 Days Ultimatum to Nigeria Senate and Federal House of Representative

 

The National Association of Polytechnic Students (NAPS) Southwest has strongly condemned the continued delay in the passage of the bill aimed at ending the long-standing disparity between Higher National Diploma (HND) and Bachelor of Science (B.Sc) qualifications in Nigeria. The association has described the delay as unjust, discriminatory, and harmful to the future of polytechnic education in the country.

The NAPS Southwest expressed deep frustration over what it called the unacceptable silence and inaction from the Nigerian Senate and Federal House of Representatives regarding the bill. The proposed legislation seeks to abolish the dichotomy between HND and B.Sc holders, a divide that has for years limited career progression opportunities for polytechnic graduates, particularly in the public sector.

This ongoing delay represents a significant policy gap that must be urgently addressed. The continued discrimination against HND holders contradicts the principles of equity, fairness, and meritocracy that should define Nigeria’s public service.

For years, polytechnic students and graduates have faced systemic discrimination in employment opportunities, career progression, and societal recognition an injustice that undermines the value of technical and vocational education in national development. The proposed bill represents a critical step toward equity, fairness, and the full recognition of polytechnic education in Nigeria.

We therefore call on the current administration and the National Assembly to prioritize the reintroduction and immediate passage of this critical legislation. Nigeria cannot afford to sideline a significant segment of its skilled workforce due to outdated and discriminatory policies.

It is therefore disheartening that the Nigeria Senate and House of Representatives has yet to act decisively on this matter of urgent national importance. The continued delay raises serious questions about the commitment of lawmakers to addressing the challenges faced by millions of Nigerian youths in the polytechnic system.

The NAPS southwest unequivocally calls on the Senate and House of Representatives to, without further delay, deliberate on and pass the bill to end the HND/B.Sc dichotomy. The future of countless students and graduates depends on this decisive action.

The continued delay in passing this bill is a direct attack on the dignity and future of millions of Nigerian students and graduates, the statement read. We cannot continue to tolerate a system that places artificial barriers on capable individuals simply because of the institution they attended.

Failure to meet this demand will leave NAPS Southwest with no choice but to mobilize Nigerian Polytechnic Students and Graduates across the country for peaceful but firm actions to press home our demands. We are prepared to take all legitimate steps necessary to ensure that justice is served.

NAPS Southwest has therefore issued a strong warning to the Senate and House of Representatives, urging lawmakers to prioritize and immediately pass the bill without further delay. The association made it clear that failure to act promptly would trigger nationwide protests and coordinated actions by Nigerian polytechnic students and graduates.

We urge all relevant stakeholders to initiate comprehensive reforms that will harmonize qualification frameworks, ensure equal opportunities for career advancement, and restore confidence in the civil service system.

NAPS Southwest remains committed to advocating for the rights and dignity of polytechnic students and graduates across Nigeria. We will continue to engage constructively with policymakers and mobilize support until justice is achieved.

Signed

Comr Ogunsola Adewale John
NAPS Southwest Coordinator
+234 704 720 2907

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