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Nigerian Banks are seeking to take over the assets of Sahara Group, including New Electricity Distribution Company Limited, Kepco Energy Resources Limited and NG Power HPS Limited, which are subsidiaries of the embattled energy firm over a default on a N1.1 trillion loan.
Kepco Energy Resources Limited owns a 70% stake in Egbin Power Plc, NG Power HPS Limited is a subsidiary/ special purpose vehicle of Sahara Energy that owns 70% of First Independent Power Limited and New Electricity Distribution Company Limited owns a 70% stake in Ikeja Electric Disribution Plc (Ikeja Disco).
MoneyCentral understands that all three entities took facilities from major Nigerian Banks including: Access Bank, First Bank, Zenith Bank, Union Bank, UBA, Fidelity Bank, FCMB, Keystone Bank and Sterling Bank among others.
“A default has occurred under the facilities. The Lenders posit that the total liability is N1.1 trillion while Sahara counters that it is N340 billion,” a source familiar with the matter told MoneyCentral.
MoneyCentral understands that the CEOS of all the Banks took the decision to proceed against the defaulting borrowers.
They instructed First Trustees Limited through the Facility Agent, FBNQuest Merchant Bank Limited to enforce the Security and to appoint Kunle Ogunba SAN as receiver.
On or about July 19, 2025 the appointment was done.
However, while the processes were being filed in court, the Sahara Group got wind and filed a suit against the lenders to injunct them against enforcing their security.
At the proceeding of August 5, 2025 the court ruled that it could not grant injunction or order nullifying the appointment of a receiver but that the receiver is ordered not to take any steps to enforce for the time being.
MoneyCentral understands that as of yesterday, the receiver had not physically taken over any assets, however made publications in major Nigerian Newspapers announcing his appointment as receiver of the defaulting borrowers.
The Central Bank of Nigeria (CBN) has pushed Nigerian lenders to clean up their books.
The CBN, as part of its ongoing efforts to strengthen the resilience and stability of the Nigerian banking sector, issued a directive asking banks exposed to loan forbearance and/or in breach of Single Obligor Limits (SOL), to suspend dividend payments, defer senior executive bonuses, and pause offshore expansion.
This directive, published on June 13, 2025, is aimed at addressing vulnerabilities within the banking sector, particularly among banks currently operating under forbearance measures.
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