United Bank for Africa Plc has filed a winding up petition against Sahara Energy Resource Limited at a Federal High Court in Lagos.
The petition was filed before Mohammed Liman, a judge of the high court, by Temilolu Adamolekun, UBA’s legal counsel. In order to fund that acquisition, UBA said KEPCO had applied for a credit facility from several banks, including itself, with Sahara Energy standing in as a “corporate guarantor” to secure the loan.
The petitioner said Sahara Energy had been notified several times to fulfill its obligation as a guarantor but had not done so, hence the need to file a winding up order.
The chicken has come home to roost, since he lost the Rivers Governorship.
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‘We’re Not Indebted To UBA’ — Sahara Energy Responds To UBA’s Winding-Up Petition | Sahara Reporters“SERL is not indebted to UBA, has no outstanding facilities with UBA nor did it borrow any money from UBA in any loan transaction that is the subject matter of either the civil petition (FHC/L/CP/387/19) or the civil summons (FHC/L/CS/387/19 as advertised) that formed the subject of the ex parte order... SERL did not grant a direct guarantee to UBA on any loan transaction that UBA could unilaterally enforce or sue on.'
Source: SaharaReporters - 🏆 9. / 63 Read more »
Sahara Energy has no outstanding facilities with UBA - Management - Vanguard NewsThe management of Sahara Group has denied reports that the oil firm is 'indebted to, nor did it borrow any money from United Bank for Africa PLC (UBA) in any loan transaction' just as its said that 'the entire Sahara Group will vigorously pursue and defend UBA’s petition to its logical conclusion with a view to dismissing the petition.' vanguardngr Cancer is curable... Click this link and discover the solution to all types of cancer —
Source: vanguardngrnews - 🏆 5. / 75 Read more »