Ecobank Bids to Recover in Excess of N25bn From Oil Firm

  • Ecobank Bids to Recover in Excess of N25bn From Oil Firm

Top commercial bank, Ecobank has moved to recover debts by instigating actions against Rahamaniyya, an oil and gas company in Nigeria.

The Ecobank Group, ably represented across 36 countries in Africa constantly supports business in the respective home countries. The financial institution holds customers’ deposit in safe trust and hence insists the customers it helps pay their debts and honor their obligations within the agreed timeframe.

The debt, the sum of N25,900,959,351.88 (twenty five billion, nine hundred million, nine hundred and fifty nine thousand three hundred and fifty one naira and eighty eight kobo) was made available to Rahamaniyya as loan for the financing of importation and local acquisition of requisite petroleum products.

Ecobank is employing a vast array of legal actions to recover the debt. They have, through their solicitors Olisa Agbakoba Legal, instituted actions at the Federal High Court and the High Court of the Federal Capital Territory, Abuja and so far Rahamaniyya and its directors have been banned by an order of interim injunction -granted in August 7 2019 by Justice Prof Chuka Austine Obiozor of the Federal High Court- from tampering with petroleum products in their Tank Farms which were financed by Ecobank.

Justice A.O. Faji of the Federal High Court had, on June 27 2019, granted an order for the issuance of a bankruptcy notice against Abdulrahaman Musa Bashir, managing director of Rahamaniyya. The action against Musa Bashir, as an individual, is based on his personal guarantee to repay the loans; an obligation he has failed to fulfill following his company’s huge indebtedness to the bank.

The bank, by these actions, seeks to enforce collateral agreements, wind up the company for inability to pay its debts and obtain an order of court adjudging Abdulrahaman Musa Bashir bankrupt.

These actions displayed by Ecobank are firmly in keeping with their tenacity to ensure debtors fully honor their obligations after benefiting from credit facilities which helped them grow their business.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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