PDP Godfathers And UBA’s N15bn Suit Against Sahara

Read about how politics has unsuccessfuly mixed with business in the present travails of the Tonye Cole’s Sahara Energy and Mike Adenuga’s Conoil.

Interview Confidential: brings you stories behind the news
Interview Confidential: brings you stories behind the news

For Sahara Energy, when it rains, it pours. In the recent winding-up suit filed in the Federal High Court, Lagos, by the United Bank for Africa against Sahara, it is difficult to know where business stops, and politics begins.

Although UBA said it filed the suit to recover N15billion owed by KEPCO Energy Resources (a Korean company) for which Sahara stood as guarantor, there are insinuations that the suit may have been instigated by angry PDP power brokers who can’t figure out why Sahara (a company whose rise was largely facilitated by the Obasanjo-led PDP government), has turned on its benefactors.

The clearest sign of where the Sahara corporate gods are standing was the decision of Tonye Cole, a Sahara director and co-founder, to run for the governorship in Rivers State under the APC flag.

Although Sahara has issued a statement denying any liability to UBA, insiders said those pushing the suit will not back down until “they have taken their pound of flesh” from the company.

About one week ago, top directors of Sahara were photographed abroad with President Muhammadu Buhari.

Meanwhile Transport Minister Rotimi Amaechi is still nursing his wound over the outcome of the Rivers State governor’s election which consumed the hopes of both his main candidate, Cole; and shadow AAC candidate, Akpo Bomba Yeah.

On their own part, the PDP godfathers of Sahara believe it’s time to teach the corporate moguls who have found a new love in APC that hell knows no fury like scorned godfathers!

…Is Mike Adenuga’s Glo Next?

There are unconfirmed, but credible indications that elements in the Buhari government may go after the reclusive multibillionaire chairman of Glo, Mike Adenuga.

Insiders told Interview Confidential that the indications became clear when Conoil, one of Adenuga’s subsidiaries, wanted to reopen its request to complete the construction of one of its filling stations in Ikeja, Lagos, which had been stalled over regulatory contravention.

“When the request was presented,” our sources said, “one of the big men responded with a wry smile and said, ‘so you people want to restart construction of your petrol station now after your chairman funded the opposition from his hideout in Ghana?’”

The innuendo was not lost on the emissaries, who promptly pocketed their request and slinked off!

What Did TY Danjuma Tell Atiku?

It happened when TY Danjuma was Minister of Defence during President Olusegun Obasanjo’s first coming as civilian president and Atiku Abubakar was deputy.

Obasanjo confided something to Danjuma about the military, which Danjuma later discussed with Atiku. It’s a secret that is nearly 20 years old! Coming in the next Interview Confidential report…keep reading!

Odilim Enwegbara says the government should be an investment vehicle, not a saving vehicle / Photo credit: newsofnigeria.com

Nigeria Has No Business Saving Money – Odilim Enwegbara

Flag-map of Nigeria / Photo credit: Wikimedia

20 Years Of Democracy: The Politics And Upheavals