26 C
Saturday, November 28, 2020
- Advertisement -

Sahara Group in Settlement Talks with Ecobank over Loan Dispute


CNN and the Ethics of Journalism – By Lai Mohammed

Our attention has been drawn to an ‘investigation’ by CNN, entitled ‘How a Bloody Night of Bullets Quashed a Young Protest Movement’...

Drug Use: The Forgotten Epidemic – By M. Buba Marwa and Oliver Stolpe

In 2018, the National Bureau of Statistics (NBS) in cooperation with the United Nations Office on Drugs and Crime and the European...

Understanding the American Three-Stage Presidential Election – By Solomon Ukhuegbe

The United States presidential election of November 3, 2020 eclipsed the election at the same time for all seats of the U.S....

Bukola Saraki’s Homecoming – By Alabi Olayemi

Former Senate President Bukola Saraki breezed into Ilorin, the capital city of Kwara State, on Saturday November 14. The day coincided with...

Nigerian oil trader, Sahara Group Limited and its associated companies informed a Lagos Federal High Court that the oil group had begun settlement talks with Ecobank Nigeria Limited over a $14million (about N5.4billion) loan dispute

Sahara’s lawyer Bode Olanipekun (SAN), told Justice Rilwan Aikawa that both parties had held talks.

He said: ‘We agreed that the court should grant a short adjournment to see if we are able to reach an amicable agreement.’

Ecobank’s lawyer, Mr Kunle Ogunba (SAN) of Insolvency Forte, said Olanipekun’s submission was “accurate”.

Justice Aikawa adjourned until the suit until July 10 for a report of settlement or hearing of pending motions.

Ecobank had asked the federal court to enter a summary judgment in its favour against Sahara and its associated companies.

Ogunba sought the hearing of his pending motion for judgment for the sum of $9,125,119.34, which he said the firms admitted owing.

Sahara Energy Resources Limited, Isle of Man, and Sahara Group Limited had prayed for an order stopping Ecobank from carrying out a ‘unilateral review of interest rates’ on loans they obtained.

The bank filed a counter-claim, insisting that it ‘reserves the right to review its interest rates from time to time in line with prevailing market conditions.’

The bank claimed that based on computation, the firms owed it $14,069,458.30 ‘being the principal sum and interest due to the counter-claimant as of 21st August, 2019.’

Ecobank said though the companies offered to pay it $9,125,119.34 ‘as a full and final settlement of their indebtedness,’ it remained firm in its demand for $14,069,458.30 as their debt as of August 21, 2019.

The bank urged the court to, in the meantime, order the firms to pay the $9,125,119.34, which they admitted owing ‘after the joint reconciliation carried out by parties.’

- Advertisement -
- Advertisement -

Business Profiles

Maria Kiwanuka

Maria Kiwanuka is the Chairperson of the Board of Directors UBA Uganda. Maria Kiwanuka is an Economist by profession and a former...

Chioma Mang

Chioma is a seasoned banker with almost 3 decades of combined experience at top management and executive levels in banking spanning Treasury...

Ebele Ogbue

Ebele Ogbue is the General Manager, UBA Energy Bank at United Bank for Africa (UBA) Plc. His responsibilities are to acquire, deepen...

Kenneth Orji

Mr. Orji was educated at the University of Ibadan, Nigeria where he was a J. F. Kennedy Scholar, having emerged national first...

Kubi Momoh

Kubi Momoh is the Chief Risk Officer at NOVA Merchant Bank Limited. She was previously the Chief Risk Officer, UBA Africa with...