United Bank for Africa Plc has filed a winding up petition before a Federal High Court in Lagos against a petroleum resources company, Sahara Energy Resources Limited, over an alleged inability of the firm to pay a debit of $42,282,430.49 .
The bank averred that the lenders agreed “to provide KEPCO with the finance and credit facilities to the tune of respective commitment.” To manage the transaction as chronicled above, the lenders appointed FBN Capital Limited as the facility Agent and First Nigeria Limited as Security Trustee. Resulting from the above, as at December 31, 2018, the indebtedness of the company to UBA stood at $42,282,430.49, which is equivalent to N15, 221,674,976.4, the petition alleged.
The petitioner, therefore, among others, prayed for an order that the company, Sahara Energy Resources Limited, be wound up by the court under the provisions of Companies and Allied Matters Act. Sahara Energy stated that it was not indebted to UBA and neither had any outstanding facilities with the bank nor borrowed any money from it in any loan transaction that was the subject matter of the civil petition. It also stated that it did not grant a direct guarantee to the bank on any loan transaction that the bank could unilaterally enforce or sue for.
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UBA Asks Court To Close Down Sahara Energy Over KEPCO’s N15bn Loan | Sahara ReportersUBA said that KEPCO obtained a loan with which it raised capital to fund the acquisition of Egbin Power Plant, operated by Sahara Power Group, a privately-owned power company under the Sahara conglomerate... 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 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.'
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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 —
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