.UBAGroup Asks Court To Close Down Sahara Energy Over KEPCO’s N15bn Loan | Sahara Reporters UBA 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...READ MORE:
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.
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