Ecobank Sues Oil Firm to Recover N25.9bn Debt 

By Adedapo Adesanya 

Ecobank has taken legal action against one of its client, Rahamaniyya Oil and Gas, over a N25.9 billion debt allegation owed to the bank.

According to reports, the bank will hope to recover N25,900,959,351.88 allegedly owed by the oil firm and its owner, Mr Abdulrahman Musa Bashir.

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 Mr Bashir with bankruptcy. It 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.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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