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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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UKA Gears Up for Final ATC Exchangeability Test Run as June Preparations Begin

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UKA Gears Up for Final ATC Exchangeability Test Run as June Preparations Begin.

May 30, 2026 – As the month of June gathers momentum, the *United Kingdom of Atlantis, UKA*, a sovereign nation has unveiled a series of vital guidelines and preparatory packages to ensure citizens and stakeholders run the *ATC Exchangeability* process effectively.

In an official update, the *President of Atlantic Crown Limited, Empress of Attica Empire UKA*, confirmed that the *Final Test Run of ATC Exchangeability* is scheduled for the month of June 2026. The exercise marks a key phase ahead of the *Official Exchangeability Window, set to run from July 2026 to February 2027*.

### Key Highlights from the Presidential Briefing
1. *Final Test Run – June 2026*
The test run is designed to validate systems, procedures, and user readiness before full activation. Citizens, partners, and designated participants are urged to follow all official advisories released by UKA authorities during this period.

2. *Official Exchangeability Period*
Following the successful completion of the June test run, the Official Exchangeability will commence in july 2026 and we are Expecting Full Exchange ability between July Ending, 2026 to February 2026.

UKA stated that detailed schedules, eligibility requirements, and step-by-step instructions will be communicated progressively through verified UKA channels.

3. *Benefiting Packages for June*
In line with UKA’s commitment to citizen empowerment, the month of June will feature “benefiting packages” aimed at education, preparation, and seamless onboarding. These packages are intended to equip the people of UKA with the knowledge and tools needed for effective participation.

4. *Commitment to Transparency*
Addressing the nation, the Empress of Attica Empire UKA emphasized:
_“Final Test Run of ATC Comes up in The Month of June, As We Prepare For The Official Exchangeability, Between July 2026 To Feb 2027. All Information Will Be Communicated.”_
UKA reaffirmed that only information released through official UKA platforms should be regarded as authoritative.

The United Kingdom of Atlantis is encouraging all citizens, representatives, and interested parties to remain alert to official communications, attend designated orientation sessions, and avoid unofficial sources. UKA’s dedication to order, clarity, and the collective benefit of its people as the nation moves into this significant phase.

For updates, advisories, and participation guidelines, citizens are advised to monitor official UKA communication channels.

United Kingdom of Atlantis, UKA, is a sovereign nation, committed to national development, citizen welfare, and structured economic participation through initiatives such as ATC Exchangeability.

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Three Years On, General Buratai Hails Tinubu’s Economic, Security Achievements

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Three Years On, General Buratai Hails Tinubu’s Economic, Security Achievements

 

 

Former Chief of Army Staff, Lt. Gen. Tukur Buratai (retd.), has commended President Bola Ahmed Tinubu for what he described as bold economic reforms and improved security efforts as the President marks three years in office.

 

 

 

 

In a goodwill message on Thursday to commemorate Tinubu’s third anniversary as President and Commander-in-Chief of the Armed Forces, Buratai said the administration had taken courageous decisions that would leave a lasting impact on Nigeria’s development.

 

 

 

According to him, President Tinubu broke a long-standing cycle that had hindered national growth by removing fuel subsidy and implementing foreign exchange reforms aimed at stabilising the naira and strengthening the economy.

 

 

 

 

He noted that the reforms were beginning to yield positive results, citing the global acceptance of Nigerian debit cards, the gradual revival of local refineries, access to student loans, and ongoing road and infrastructure projects across the country.

 

 

 

“The FCT Administration has also recorded remarkable progress, completing major road projects that remained unfinished for over 16 years,” Buratai stated.

 

 

 

The former army chief also praised the administration’s security efforts, saying renewed military offensives against insurgents, terrorists and bandits had led to notable successes across various parts of the country.

 

 

 

He specifically lauded recent joint operations involving Nigerian and United States forces against Boko Haram and ISWAP in the North-East, as well as intensified counter-banditry operations in the North-West.

 

 

 

 

“We have seen notorious ISWAP commanders being neutralised. I congratulate the Commander-in-Chief, the Minister of Defence, the Chief of Defence Staff, the Service Chiefs, the Inspector-General of Police and heads of intelligence agencies for their efforts,” he said.

 

 

 

 

Buratai, however, acknowledged that challenges remained, stressing the need for more aggressive military operations and intelligence-driven strategies in the coming year.

 

 

 

 

While urging Nigerians to remain hopeful, he said celebrating the President’s achievements did not amount to ignoring the difficulties facing the nation.

 

 

 

 

“Because you truly care, you have shown the courage to trade short-term comfort for long-term hope. Nigerians need your reassurances, and that is why we remain optimistic and full of confidence,” he added.

The retired military officer reaffirmed his support for the Tinubu administration and expressed confidence that the foundation being laid by the government would deliver a brighter future for the country.

 

He also prayed for God’s guidance, wisdom, strength and good health for the President as he continues to lead Nigeria.

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NUT Raises Alarm Over Continued Captivity of Abducted Oyo Pupils, Teachers

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NUT Raises Alarm Over Continued Captivity of Abducted Oyo Pupils, Teachers

NUT Raises Alarm Over Continued Captivity of Abducted Oyo Pupils, Teachers

 

 

The Nigeria Union of Teachers has expressed deep concern over the continued captivity of pupils and teachers abducted during an attack on schools in the Ahoro-Esinle and Yawota communities in Oriire Local Government Area of Oyo State.

 

 

In a statement issued on Saturday, the Oyo State wing of the union described the situation as increasingly distressing, particularly following the emergence of a video allegedly released by the abductors showing the victims pleading for their freedom.

 

 

The union said the footage had heightened fears over the welfare of the abducted pupils and teachers, describing their ordeal as heartbreaking and unacceptable.

 

NUT Raises Alarm Over Continued Captivity of Abducted Oyo Pupils, Teachers

According to the NUT, no child or teacher deserves to be subjected to such traumatic experiences, adding that the prolonged captivity of the victims has continued to inflict psychological pain on their families, colleagues and the wider education community.

 

 

 

The union called on the Federal Government, Oyo State Government and relevant security agencies to intensify efforts towards securing the immediate and safe release of the victims.

 

 

“This is not a moment for hesitation. It is a moment for coordinated, intelligence-driven efforts to ensure the immediate and safe release of all abducted pupils and teachers,” the statement read.

 

 

While acknowledging ongoing interventions by security agencies and government authorities, the union stressed that time was of the essence, warning that every additional day in captivity deepens the trauma suffered by the victims.

 

 

The NUT urged security operatives to strengthen surveillance, improve community intelligence gathering and deploy all necessary operational and diplomatic measures to facilitate the rescue of the abductees.

 

 

It also appealed to traditional rulers, community leaders and residents to support rescue efforts by providing credible information that could assist security agencies.

 

 

 

“The safety of our children and teachers must remain a collective priority,” the union stated.

 

 

Reaffirming its support for the families of the victims, the NUT pledged continued solidarity and prayers while advocating safer learning environments across the country.

 

 

The statement was jointly signed by the Chairman of the Oyo State NUT, Comrade Hassan Ajibola Fatai, and the Secretary, Comrade Salami Olukayode.

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