Connect with us

society

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

Published

on

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

Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

society

Why Do I Consistently Mention ErukuCity Plus Parental Guidance?

Published

on

Why Do I Consistently Mention ErukuCity Plus Parental Guidance?
~By Oluwaseun Fabiyi

 

 

Your heritage or background plays an undeniable role in shaping your life, regardless of whether you recognize its impact. Generally, people in Lagos, abroad, or worldwide have a historical ancestry or family lineage. You can quote me anywhere.

When individuals of high stature forget their humble beginnings, they potentially forfeit the opportunity to impart valuable life lessons to their children and inadvertently become educated yet culturally uninformed

ErukuCity, located within Ekiti Local Government of Kwara State, is renowned for its rich cultural heritage, agricultural excellence, impressive sports records, robust security measures, quality educational institutions, and considerable influence on Kwara State politics, which I aim to highlight in an upcoming project celebrating my hometown’s exceptional qualities.

My origins trace back to ErukuCity, where I was raised in a Muslim family with deep ties to hunting and farming. The influential legacy of Balogun Dodondawa is prominent in our family history and throughout ErukuCity. Efforts are soon to be made to compile and highlight the late Balogun’s contributions to the community.

Under Parental Guidance And Wisdom, I Began My Journey:

In our adolescent years, while residing in our hometown, our parents frequently advised us to develop a practical proficiency or business venture, confident that it would enhance, not hinder, our educational aspirations

Whenever our parents mentioned this, I felt growing frustration with their ideology, believing their lack of education contributed to their premature advocacy for vocational skills as a supplemental income stream

It never occurred to me that our parents had a profound understanding of the potential challenges the country would face in the future. During my JSS 3 year at Methodist High School in ErukuCity, I distinctly recall a particular evening when my parents summoned me, saying, ‘Oluwaseun, we recognize your exceptional abilities, calm demeanor, and promising future. As individuals who were deprived of educational opportunities, with only a few graduates in our family and lacking vocational skills, we urge you to acquire a trade or skill while pursuing your education, as it will be invaluable to you and future generations.’ Despite my parents’ efforts to dissuade me, I remained resolute, stressing that I would not compromise my academic goals initially, and subsequently, I might establish a reliable alternative source of financial support or a secondary contingency plan.

Ultimately, with our parents’ passing, we, the next generation, remain; significantly, some of us have come to appreciate and integrate the counsel offered in the 80s, following our academic accomplishments.

Considering the current economic landscape in Nigeria and Africa, it is clear that sole reliance on one income stream precludes wealth accumulation, thus necessitating the cultivation of an alternative income source, or ‘plan B.’ My upbringing and heritage have been instrumental in my professional journey, and I remain grateful for the foundational values they have imparted.

I am deeply grateful to my late parents and the entire Eruku community for their invaluable support, which has profoundly influenced my personal and professional progress.

The forthcoming Part 2 will examine the outstanding heritage and notable accomplishments of the late Balogun Dodondawa in fostering the expansion and transformation of Eruku City.

Hello, I’m Oluwaseun Fabiyi, a journalist writes from Lagos.

Continue Reading

society

Lawyers, CSOs kick as 2,412 protesters rot in detention

Published

on

Lawyers, CSOs kick as 2,412 protesters rot in detention

 

Lawyers and civil society organisations, CSOs, yesterday, decried the continued detention and incarceration of #EndBadGovernance protesters two months after the August 1-10 protests across the country.

 

As of last night, most of the detained protesters are yet to be prosecuted, with minors among those held in captivity in Police, Department of State Service, DSS, facilities or prisons.

 

Although some minors, who were arrested during the protest, have been released on bail, others are in the process of being granted bail, Vanguard’s checks showed.

40 charged to court in Nasarawa

In Nasarawa State for instance, of the 50 protesters arrested, 10 minors have been freed, while 40 adults have been charged to court, according to Police PRO, DSP Ranhan Nansel.

109 arrested in Sokoto

In Sokoto where 109 protesters were arrested, Attorney-General of the state, Nasiru Binji, said a significant number had been released on bail, while the rest were in prison custody.

6 freed in Kaduna

Similarly, in Kaduna State, six of those arrested have been freed on the order of the Director-General of the DSS, Adeola Ajayi, while three others have been charged to court.

Details on 600 in Kano uncertain

 

The situation in Kano State is alarming, as no fewer than 600 protesters (including 76, who displayed Russian flags) were arrested and later transferred to Police Force headquarters in Abuja. While it was gathered that many of them have been charged to court and bailed, the number of those still in detention could not be ascertained at press time.

 

The Director of Public Prosecution, DPP in Kano State Ministry of Justice, Salisu Tahir, said they were still compiling the details.

390 await freedom in Jigawa

However, in Jigawa State, of the 419 protesters arrested, 390 have been arraigned in court, as 29 have been released, according to Police PRO DSP, Lawan Adam.

Unclear situation over 9 in Zamfara, 97 in Borno

In Zamfara, the Police PRO, Yazid Abubakar, said nine protesters had been charged to court, but said he does not know if they were detained or granted bail by the court.

In Borno, 97 protesters were arrested during the protest but their condition remains unclear at the time of this report.

In Yobe, of the 51 arrests made during the protest, 35 have been sent to Potiskum Prison, while the rest are being detained by the police. The minors among them, are to be freed on bail.

No freedom for 23 detainees in Niger

In Niger State, 23 persons were arrested, out of which six have been arraigned and sentenced to jail terms, while 17 are in police custody.

1,090 yet to be prosecuted in Abuja

In the Federal capital territory, FCT, Abuja, no fewer than 1,100 were arrested, but only 10 have been arraigned.

 

Additionally, the hundreds of Northern youths who brandished Russian flags during the protests have not been arraigned, neither has the tailor who mass-produced and distributed the flags.

Those on trial for participating in the protest are Michael Tobiloba Adaramoye, Adeyemi Abiodun Abayomi, Suleiman Yakubu, Comrade Opaluwa Eleojo Simon, Angel Love Innocent, Buhari Lawal, Mosiu Sadiq, Bashir Bello, Nurudeen Khamis and Abduldalam Zubair.

Trial Justice Emeka Nwite remanded the defendants in prison custody, pending the perfection of their bail conditions.

51 freed in Plateau

The 51 protesters who were arrested in Plateau State for breaching the law on curfew but not on hunger strike, have all been freed.

There were, however, no arrests in Benue, Taraba, Kebbi, Adamawa, Kwara and Kogi states, as many of the states adopted some strategies to prevent their citizens from joining the protests.

 

@VANGUARD

Continue Reading

Health/Beauty

Doctor Warns On The Danger Of Excessive Masturbation

Published

on

Doctor Warns On The Danger Of Excessive Masturbation

 

 

A British doctor has warned that excessive masturbation is behind the rise of male health problems.

In moderation, self-pleasure helps to reduce stress, and improve sleep quality and mood, but it can become ‘an unhealthy habit’ and trigger a form of erectile dysfunction, says Dr Donald Grant, GP and senior clinical advisor at The Independent Pharmacy.

Doctor Warns On The Danger Of Excessive Masturbation

‘Overall, there’s no strict rule or guideline on how much people should masturbate.’

‘But when masturbation gets out of hand, there’s a variety of ways it can impact sexual and physical health.’

A key concern is the rise of porn use: half of adults in the UK now access graphic material online, according to a recent survey by media watchdog Ofcom, and Dr Grant links this to the rise in porn-induced erectile dysfunction, or PIED.

 

Up to 50 percent of adult men suffer from some degree of erectile dysfunction, according to the British Association of Urological Surgeons. It is often associated with obesity, high blood pressure, high cholesterol, and diabetes but can also have no obvious cause. One lesser-known culprit could be PIED, claims Dr Grant.

‘PIED is a type of erectile dysfunction that stems from an unhealthy consumption of pornography.

‘This unhealthy porn usage can lead to desensitisation, making it more difficult for men to achieve and maintain an erection — as they’re used to more intense sexual activity seen on screen.

‘It can lead to reduced interest in sex with actual partners as men prioritise porn and masturbation instead.’

More worryingly, Dr Grant warns that compulsive masturbation could trigger physical changes that affect intimacy.

‘Compulsive masturbation can lead to reduced sensitivity in the genital area, making it more difficult to achieve sexual pleasure or stimulation.

‘It can occur when nerve endings become damaged from too much activity, creating a loss of sensitivity.

‘This can also impact individuals who masturbate too roughly, causing potential friction damage.

 

‘Thankfully, this is a short-term issue and factors such as taking breaks or utilising lubricants can help restore sensitivity.

‘And thankfully, there are a range of treatments available to men who are struggling with ED, helping them manage a healthy sex life and achieve erections with ease.’

Dr Grant added that ‘over-masturbating’ can be damaging in other ways.

It can cause men and women to become ‘hyper-focused on their own pleasure, meaning when the time comes for sexual intercourse with a partner, individuals could experience performance anxiety, which directly impacts sex drive.’

The question of how much is too much is subjective, he admitted.
‘Masturbation habits can differ largely from person to person with some people doing it daily, weekly or not at all.

‘It’s important to monitor the sexual activity to ensure it doesn’t interfere with social lives, work or relationships.

‘Additionally, discomfort or injury is usually a telltale sign that the masturbation sessions are becoming too much and harming health.

‘It’s important to maintain a healthy but sensible sex life through masturbation, ensuring it’s not at the expense of daily activities.

‘Some people can even experience mental distress due to guilt or shame relating to their masturbation — this can stem from porn usage or other factors, but can have a big effect on people’s mental well-being.

‘Overall, common sense is required to ensure it remains a recreational activity without interfering with other aspects of daily life.’

 

 

Continue Reading

Cover Of The Week

Trending