Ecobank drags Rahamaniyya Oil & Gas to court over N25bn unpaid ‘debt’

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Ecobank has taken legal action against its client, Rahamaniyya Oil and Gas over a N25.9 billion debt allegation.

The bank will hope to recover N25, 900, 959, 351. 88 allegedly owed by the oil firm, according to reports. The bank’s legal team, Olisa Agbakoba Legal (OAL) said the money in question was used for the purchase of petroleum products.

The legal charges were filed at the Federal High Court in Lagos and the High Court of the Federal Capital Territory, Abuja.

Justice Chuka Obiozor of the Federal High Court granted the bank’s request for an interim injunction, after restraining Rahamaniyya and its directors from tampering with petroleum products in their tank farms.

Ecobank wants the court to make sure that the debtor fully honours its obligations after benefitting from credit facilities used to grow their businesses.

The bank wants to enforce an agreement that will wind up the company for failing to pay its debts and charge Alhaji Bashir with bankruptcy.

The bank said all its representatives in 36 African countries support its businesses. It further stated that they will continue to hold customers’ deposits safely hence its desire to recover the huge debt portfolio from Rahamaniyya Oil and Gas since the bank has a reputation of ensuring that customers meet up with their debt obligations as at when due.

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