Court restrains oil firm as Ecobank sues over N25b ‘debt’

Ecobank Nigeria Limited has launched a legal action against Rahamaniyya Oil and Gas Group over an alleged N25.9billion debt.


The bank is seeking to recover N25, 900, 959, 351. 88 allegedly owed it by the firm and its founder Alhaji Abdulrahman Musa Bashir.


The bank, through its solicitors Olisa Agbakoba Legal (OAL), said the money was availed Rahamaniyya to finance the importation and local purchase of petroleum products.


Ecobank instituted the debt recovery actions at the Federal High Court in Lagos and the High Court of the Federal Capital Territory, Abuja.


This is as Justice Chuka Obiozor of the Federal High Court in Lagos granted the bank’s prayer for an order of interim injunction restraining Rahamaniyya and its directors from interfering or tampering with the petroleum products in their tank farms.


Earlier on June 27, Justice Ayokunle Faji of the same court granted an order for the issuance of a bankruptcy notice against Alhaji Bashir.


The bank said the action against Alhaji Bashir in his personal capacity is based on his personal guarantee to repay the loans.


Ecobank said he allegedly failed to meet the repayment obligation.


According to Ecobank, the recovery actions come on the heels of its resolve to ensure that debtors fully honour their obligations after benefitting from credit facilities which helped to grow their businesses.


Through the actions, the bank seeks to enforce collateral agreements, wind up the company for inability to pay its debts and obtain an order of court adjudging Alhaji Bashir bankrupt.


The bank said it has representations across 36 countries in Africa and constantly supports businesses in all the countries.


It added that it holds customers’ deposits in safe trust hence its vigour to recover the debt portfolio from Rahamaniyya Oil and Gas, against the backdrop of its insistence for customers it helps to pay their debts in full and honour their obligations when due.