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
₦100 Million Bribe Offer Rejected As Police STS Operatives Expose Criminal Syndicate
₦100 Million Bribe Offer Rejected As Police STS Operatives Expose Criminal Syndicate
The Special Tactical Squad (STS) of the Nigeria Police Force has recorded a major breakthrough in its sustained crackdown on the vandalisation of critical national infrastructure, with the arrest of two notorious suspects and the recovery of railway materials valued at over ₦400,000,000.
Acting on the directive of the Inspector-General of Police, IGP Olatunji Rilwan Disu, psc(+), NPM, to decisively tackle acts of economic sabotage, operatives of the Force Intelligence Department – Special Tactical Squad (FID-STS), under the leadership of ACP Victor Ogbeide Godfrey, executed a swift, intelligence-driven operation that led to the arrest of Chisom Goodnews (32) and Ahmed Adamu (22) on April 9, 2026, in Akwanga, Nasarawa State.
The suspects were intercepted while transporting vandalised railway infrastructure in a calculated attempt to evade detection. Recovered from them was a trailer truck with registration number KRB 355 SX, conveying railway tracks and sleepers weighing approximately 60 tonnes, cleverly concealed under sacks of groundnut shells. Preliminary investigations indicate that the suspects are part of a well-coordinated syndicate responsible for the illegal removal and transportation of railway materials from Bauchi State to Ilorin, Kwara State, representing a significant threat to Nigeria’s transportation infrastructure.
Speaking on the operation, ACP Victor Ogbeide Godfrey revealed that in a desperate bid to compromise the officers and frustrate the arrest, the suspects offered a staggering sum of ₦100 million as a bribe to allow them passage with the illicit cargo. The offer was, however, outrightly rejected by the operatives, who remained resolute in the discharge of their duties. This firm stance underscores the Nigeria Police Force’s renewed commitment to professionalism, integrity, and its zero-tolerance policy towards corruption.
Further investigations are ongoing to apprehend the intended receiver of the stolen materials in Ilorin, as well as other members of the syndicate, while efforts are being intensified to recover additional exhibits linked to the criminal network.
The Inspector-General of Police, IGP Olatunji Rilwan Disu, has reiterated the Force’s unwavering resolve to bring all perpetrators of economic sabotage to justice, warning that acts of vandalisation of public assets will not be tolerated. He assured that all individuals found culpable will be made to face the full weight of the law.
society
Nigeria Police Initiative Targets Youth Vices As POCACOV Undertakes Strategic Visit To Cross River
Nigeria Police Initiative Targets Youth Vices As POCACOV Undertakes Strategic Visit To Cross River
As part of a two-day strategic working visit to Cross River State, the National Coordinator of POCACOV (Police Campaign Against Cultism and Other Vices), SP Orvenonne Ikwen, Ph.D., embarked on a series of high-level engagements aimed at strengthening partnerships, deepening community participation, and advancing the non-kinetic approach to crime prevention across the state, in line with the vision of the Inspector-General of Police, IGP Olatunji Rilwan Disu, psc(+), NPM, whose policing philosophy is rooted in community partnership, public trust, proactive engagement, and preventive policing aimed at building safer communities across Nigeria.
The visit commenced with a courtesy call on the Commissioner of Police, Cross River State Command, CP Rashid B. Afegbua, psc, mnips, who warmly received the National Coordinator and commended the POCACOV initiative for its significant impact in tackling cultism, bullying, drug abuse, gangsterism, school violence, and other social vices affecting young people and vulnerable groups. He reaffirmed the Command’s commitment to supporting proactive policing strategies that promote trust, restore public confidence, and ensure lasting peace and security across Cross River State.
In continuation of the visit, the National Coordinator paid a courtesy visit to the Honourable Commissioner for Youth Development, Barr. Ijom Ukam, who described the POCACOV visit as timely and highly strategic, especially during what he referred to as a volatile and transitional period in society. He emphasized that the engagement reinforces the collective responsibility of government, institutions, and citizens in addressing the growing concerns of social vices among young people.
According to him, “The primary responsibility of every government is the security of its citizens,” noting that the adoption of the non-kinetic approach by the Nigeria Police Force through POCACOV demonstrates that the Police truly care about the future of Nigerian youths. He commended the Nigeria Police Force for embracing preventive policing and pledged the Ministry’s full support for POCACOV activities in Cross River State.
Barr. Ijom Ukam further declared that POCACOV has come to stay in Cross River State and assured the National Coordinator of sustained collaboration in mobilizing young people, creating awareness, and implementing youth-focused interventions that will help eradicate crime and social vices from the state.
As part of the media advocacy component of the visit, SP Orvenonne Ikwen also visited prominent radio stations including HIT FM and Sparkling FM, where she engaged media stakeholders on the need for continuous public sensitization, youth mentorship, and strategic communication in crime prevention. She stressed the critical role of the media in shaping positive narratives, promoting civic responsibility, and supporting national efforts to discourage cultism and other harmful behaviors among youths.
The National Coordinator also met with content creators and digital influencers in the state, including popular creative personality MC Koboko, to strengthen collaboration in using social media and entertainment platforms as tools for advocacy and youth engagement. She emphasized that content creators remain powerful voices in shaping public perception and influencing positive behavioral change among young people. She called for stronger partnerships with creative stakeholders to amplify the message of POCACOV and promote peace, responsibility, and social values across communities.
She noted that POCACOV remains a major strategic initiative of the Nigeria Police Force designed to complement law enforcement with prevention-focused solutions, reflecting the IGP’s vision of policing that is rooted in public trust, inclusiveness, and strong community partnership.
The working visit further strengthened collaboration between POCACOV, the Cross River State Police Command, the Ministry of Youth Development, educational institutions, religious leaders, traditional institutions, parents, and the media, all united in the shared goal of building safer communities and securing a better future for the younger generation.
The visit stands as another strong testament to the Nigeria Police Force’s commitment to preventive policing, youth empowerment, and sustainable peacebuilding through stakeholder engagement and strategic partnerships.
society
Ajadi Seeks G-22 Backing for 2027 Governorship Bid, Pledges Unity and Inclusive Leadership
Ajadi Seeks G-22 Backing for 2027 Governorship Bid, Pledges Unity and Inclusive Leadership
A leading gubernatorial aspirant under the Peoples Democratic Party (PDP) in Oyo State, Olufemi Ajadi Oguntoyinbo, on Sunday intensified his consultations with key grassroots powerbrokers as he hosted members of the influential Forum of Immediate Past Party Chairmen, popularly known as G-22, at his residence.
Addressing the forum, Ajadi described the gathering as a significant moment in his political journey, acknowledging the strategic relevance of the group within the PDP’s structure across the state.
“Members of G-22 are well known in our great party, the PDP. I am truly delighted to receive you in my residence today,” Ajadi said. “I humbly seek your support and cooperation to make this gubernatorial ambition a reality. Together, we can strengthen our party and build on the legacy of good governance of our amiable leader in Oyo State, Governor Seyi Makinde.”
The gubernatorial aspirant further emphasised his long-standing commitment to humanitarian services and party unity, noting that his political engagements have always been driven by service, inclusiveness, and loyalty to the PDP.
Speaking earlier, the chairman of the forum, Alhaji Lukman Adesina, a former local government chairman in Ibadan North-West and ex-chairman of all PDP local government chairmen in the state, underscored the political weight of the G-22 within Oyo politics.
“This forum, G-22, played a vital role in the emergence and re-election of Governor Seyi Makinde in both his first and second terms,” Adesina stated. “We are grassroots politicians with strong influence across our respective local governments, and our contributions to the success of the PDP in Oyo State are well documented.”
Adesina commended Ajadi’s philanthropic record and commitment to party cohesion.
“Ambassador Ajadi has been a known philanthropist, even from his days in Ogun State. He has continued to invest his resources—financially and intellectually—in keeping the PDP united in Oyo State. His humanitarian disposition mirrors that of Governor Makinde,” he added.
Also lending his voice, Hon. Sakiru Ojo, the secretary of the forum, praised Ajadi for hosting the members of the forum and highlighted the importance of engaging G-22 members ahead of the party primaries.
“On the day Ajadi met with leaders of the Oyo Federal Constituencies, I made it clear that the G-22 must not be sidelined. I commend him for taking that advice seriously,” Ojo said.
In separate remarks, other members of the forum expressed optimism about Ajadi’s ambition while offering prayers and strategic counsel.
Chief Johnson Ojebiyi, former chairman of Kajola Local Government, drew parallels between Ajadi’s consultations and Governor Makinde’s early political strategy.
“This is exactly how Governor Makinde began—through wide consultations. It paid off for him, and we believe it will for Ajadi too. However, he must remember this forum when he succeeds,” Ojebiyi advised.
Similarly, Hon. Adedeji Sola, former chairman of Afijio Local Government, noted the enduring relationship between the G-22 and the current administration.
“Governor Makinde has always carried the G-22 along in his political activities. We pray that Ajadi finds similar favour and support,” he said.
Hon. Bakare Isaiah of Ona-Ara Local Government affirmed the internal support Ajadi enjoys within the group.
“Our chairman speaks highly of you and has consistently advocated for your acceptance among members. When you secure the party ticket, we expect a follow-up engagement,” he remarked.
Prayers for the success of Ajadi’s ambition were also offered by Alhaji Adebisi Sikiru (Ibarapa East) and Hon. Oyeleye Gideon (Ogo-Oluwa), reflecting a generally positive reception from the forum.
The meeting began with an opening prayer led by Alhaji Balogun Moruf, former chairman of Ibadan South-West Local Government, while the closing prayer was delivered by Hon. Oyeleye Gideon. Balogun later returned to give the vote of thanks, appreciating Ajadi for the warm reception.
Political observers note that the G-22, comprising former PDP local government chairmen with deep grassroots structures, remains a critical bloc in determining the outcome of party primaries and general elections in Oyo State.
Sunday’s meeting is widely seen as part of Ajadi’s broader strategy to consolidate support across key party stakeholders as the race toward the 2027 gubernatorial election gradually gathers momentum.
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