The 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.’
Reports have it that UBA Plc through a legal counsel, Temilolu Adamolekun filed a petition against Sahara Energy Resource Limited (Sahara Energy) at a Federal High Court in Lagos asking for an order to take over and wind down the operation of the oil firm over a N15 billion debt.
UBA said Sahara Energy stood as a guarantor for KEPCO Energy Resources Limited (KEPCO) to access a loan of $35 million in August 2013, which it has not been able to pay back.
But Sahara Group in a statement on its website said: ‘Sahara Energy is not indebted to UBA, has no outstanding facilities with UBA nor did it borrow any money from UBA in…
