Few days after reports rented the air of a likely takeover of
Sahara Energy Resources by UBA Plc, depending on the outcome of a litigation
instituted by the bank over Sahara Energy Resources Limited’s inability to pay
a debit of
N15.2 billion, TheCapital has gotten wind of an exclusive that
Sahara Group, with its subsidiaries, is hugely indebted to other banks to the
tune of several billions of naira, a situation that has sent investors and
shareholders of these banks into panic mode, thereby putting undue pressure on
the managements to retrieve the huge debts before Asset Management Corporation
of Nigeria (AMCON) comes knocking.
The UBA loan facility obtained in August 2013 has been found to
be just a fraction of huge pool of loans taken by subsidiaries and companies
into which Sahara Group has entered partnership in its bid to play big in the
energy sector. Reliable sources hinted that UBA is only taking the lead as
other banks have also resolved to resort to the legal option to make retrieve
the loans; that in a matter of days, several of the group subsidiaries would be
answering to numerous charges in different courts in a move to get them cough
out the billions which are fast becoming bad loans.
By now, Tonye, the highly successful
businessman-turned-politician might be ruing his decision to jettison the
business world for politics which has continued to spatter muds of failure on
his hitherto unblemished records of success.
The manner through which Tonye’s aspiration of unseating
incumbent governor of the oil-rich state disappeared into thin air without even
having the benefit of being featured on the ballot was an anti-climax and
unprecedented in Nigeria.The ominous signs that things would not be a bed of
roses were unravelled early when his rival, Magnus Abe, took the battle to him
and his godfather, Rotimi Amaechi, in a do-or-die duel that snowballed into
bloodletting and shootings, one of which Tonye escaped by whiskers.
Ultimately, the All Progressives Congress was denied the opportunity to field
any candidate for the election after a series of litigations that sounded the
death knell on Tonye’s ambition on which he has spent huge fortune running into
billions.
As if that was not enough adversity to grapple with, Governor
Wike became unsparing in his drive to stifle Tonye of his resources. The
belligerent governor cancelled major Sahara Energy-linked contracts in the
state. Tonye may have resigned from the company to focus on politics; he still
owns substantially controlling shares of the group. The Wike-led government
approved the termination of the share sale contract for 70 per cent equity of
the state-owned power generation assets.The contract held by First Independent
Power Limited in Omoku, Afam, Trans-Amadi and Eleme Gas Turbines to NG
Power-HPS Limited was terminated. The government also terminated the concession
of the Rivers and Bayelsa State owned Olympia Hotel to Cenpropsaroten Hotel
Management Limited, and the concession agreement between it and Kild concession
Limited in respect of the construction of a Toll road and Secondary
developments at Abonnema Wharf, Port Harcourt.
All the three companies whose contracts and concessions were
terminated were subsidiaries of Sahara Energy Limited.Tonye Cole surely did not
bargain for the happenstances that have trailed his decision to take a plunge
into the murky waters of Nigerian politics. Not a few people were taken aback
when the billionaire entrepreneur decided to call it quits with business and
embraced politics after the carrot of easy ride to the government house of
Rivers State was dangled before him by the Minister of Transports and former
Governor of the state, Rotimi Amaechi.In fact, a lot of critics saw his
accepting such offer as a move badly thought out, considering the fact that few
of Amaechi’s loyalists and protégés had their eyes on the ticket and were
deeply bruised by the decision of their godfather to opt for a political
greenhorn.
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