UBA Asks Court to Wind up Sahara Energy over N15bn Loan

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We have no outstanding facilities with bank, says firm

Davidson Iriekpen

United Bank for Africa Plc (UBA) 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 (equivalent to N15,221,674,976).

In its reply, however, the management of Sahara Energy yesterday said it had no outstanding facilities with UBA, contrary to the petition the bank filed before the court.

In the petition it filed before Justice Mohammed Liman, the bank alleged that KEPCO Energy Resources Limited was desirous of raising capital requirements to fund the acquisition of 70 per cent share of Egbin power plant located at Egbin in Lagos State.

The bank filed the petition against the oil firm through his counsel, Mr. Temilolu Adamolekun,

To actualise the acquisition, UBA alleged, KEPCO applied to several Nigerian banks…



Source: Thisday Newspaper

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