Former Deputy GNPC CEO Asks Fidelity Bank for Their Stance on Including GH¢10billion ESLA Bond
Thomas Manu, a former Deputy CEO of the Ghana National Petroleum Corporation (GNPC), has reached out to Fidelity Bank, seeking clarity on their stance concerning the GH¢10 billion Energy Sector Levies Act (ESLA) PLC bonds.
Mr. Manu’s lawyer, Martin Kpebu, communicated the request through a letter to the bond trustees of Fidelity Bank on February 6th.
The letter highlights Mr. Thomas Manu’s concern about the inclusion of the ESLA bond in the Debt Exchange Programme. This is because he holds bonds issued by ESLA PLC under its GH¢10 billion bond issuance programme.
Mr. Manu is seeking answers from the bond trustees who he believes should have objected to the bond’s inclusion in the program. He finds the situation unfortunate and demands the bond trustees to state their position on the matter publicly.
According to the letter, the Energy Sector Levies Act (ESLA) Levy imposed on various petroleum products sold in Ghana is the source of repayment of the maturing coupons and principal, as disclosed in the prospectus dated 12th October 2017. Mr. Manu is seeking prompt action from the bond trustees to state their position on the matter publicly.
The development raises questions about the role of bond trustees in such situations and the potential impact on investors holding bonds issued under such programs. The next step will be for Fidelity Bank to respond to Mr. Thomas Manu’s request, and the situation’s outcome remains uncertain.