Sahara Energy has no outstanding facilities with UBA

 

The management of Sahara Energy Resource Limited (Nigeria) has stated that 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.

In a statement on the Sahara Group website, the Management said that it had instructed its lawyers to take necessary steps to ensure UBA’s petition is dismissed.

“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 statement said.

It would be recalled that 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 debts.

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.