Contrary to earlier media reports and a petition filed by the UBA Group and threat to take over Sahara Energy because of N15bn indebtedness, the management of Sahara Energy Resource Ltd., has said the company has no outstanding facilities with the United Bank for Africa Plc (UBA) , contrary to media reports sourced from a petition filed by UBA.
UBA Plc has 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.
In its reaction as carried on its website on Saturday, Sahara Group management however said that it has instructed its lawyers to take necessary steps to ensure UBA’s petition is dismissed.
According to News Agency of Nigeri (NAN) reports, UBA Plc had filed a petition against Sahara Energy Resource Ltd at a Federal High Court in Lagos asking for an order to take over and wind down the operations of the oil firm over a N15 billion debt.
In its claims, UBA said Sahara Energy stood as a guarantor for KEPCO Energy Resources Ltd., to access a loan of $35 million in August 2013, which it had not been able to pay back. “We assure our esteemed clients, bankers, suppliers, stakeholders and the general public that SERL and its legal team are taking all lawful steps to ensure that SERL interest is vigorously defended.
“And SERL has implicit confidence in the Nigerian judiciary to resolve the matter and dispense justice between the parties.
“The attention of Sahara Energy Resource Ltd (SERL) Nigeria and the entire Sahara Group have been drawn to a publication in the media made by United Bank for Africa Plc (UBA).
“And their counsel pursuant to the ex parte order made by Justice Liman of the Federal High Court, Lagos Division, in the Suit No. FHC/L/CP/387/19 pursuant to a winding up petition in Suit No. FHC/L/CP/387/19,’’ the statement said.
The statement said that Sahara Energy was not indebted to UBA and 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.
According to it, SERL did not give a direct guarantee to UBA on any loan transaction that UBA could unilaterally enforce or sue on.
It said that SERL and one of its affiliate companies, NG Power-HPS Ltd., sued UBA in Suit No. FHC/L/CS/236/19 at the Federal High Court, Lagos, on Feb. 13, 2019, claiming a number of declarative and injunctive remedies relating to unorthodox methods employed by UBA in relation to its dealings with the plaintiffs.
The hearing on the UBA petition has been adjourned till April 30.

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