In a recent development, Thomas Manu, a former Deputy CEO of the Ghana National Petroleum Corporation (GNPC), has called on Fidelity Bank to officially state its position on GH¢10 billion Energy Sector Levies Act (ESLA) PLC bonds.
The request was made through a letter written by Mr Manu's lawyer, Martin Kpebu, to the bond trustees of the bank on Monday, February 6.
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The letter expresses Mr Thomas Manu's concern regarding the inclusion of the ESLA bond in the ongoing Debt Exchange Programme, as he holds bonds issued by ESLA PLC under its GH¢10 billion bond issuance programme.
He finds the situation unfortunate and is seeking answers from the bond trustees, who he believes should have objected to the bond's inclusion in the program.
According to the letter, the source of repayment of maturing coupons and the principal, as disclosed in the prospectus dated 12th October 2017, is the Energy Sector Levies Act (ESLA) Levy imposed on various petroleum products sold in Ghana. Mr Manu is demanding the bond trustees promptly state their position on the matter publicly.
This development raises questions about the role of bond trustees in such situations and the potential impact on investors who hold bonds issued under such programs. It remains to be seen how Fidelity Bank will respond to Mr Thomas Manu's request and how the situation will unfold in the coming days.
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