Ecobank set for recovery of N25.9bn debt

Ecobank Nigeria Limited, one of the foremost banks in Nigeria, has instituted debt recovery actions against Rahamaniyya, oil and gas company in Nigeria, to recover a debt in the sum of N25. 9 billion which were availed Rahamaniyya for the purpose of financing the importation and local purchase of petroleum products.

The bank, through its Solicitors, Olisa Agbakoba Legal, has instituted actions at the Federal High Court and the High Court of the Federal Capital Territory, Abuja, to recover the indebted sum.

According to a press statement by Olisa Agbakoba Legal, “in vigorously pursuing the recovery of the said indebted sum, Ecobank has deployed a wide range of legal actions. So far, an order of interim injunction restraining Rahamaniyya and its directors from interfering or tampering with the petroleum products in their Tank Farms, which were financed by Ecobank, has been granted on August 7, 2019 by the Hon. Justice (Prof) Chuka Austine Obiozor of the Federal High Court.

“Additionally, an order for the issuance of a bankruptcy notice against the Managing Director of Rahamaniyya, Alhaji Abdulrahaman Musa Bashir, has also been granted on June 27, 2019 by Hon. Justice A.O. Faji of the Federal High Court. The action against Alhaji Musa Bashir in his personal capacity is based on his personal guarantee to repay the loans which said obligation, Alhaji Bashir has failed to meet following his company’s huge indebtedness to the bank.

“These recovery actions come on the heels of the Bank’s resolve to ensure that debtors fully honor their obligations after benefitting from credit facilities which helped to grow their businesses. The bank by the actions filed, seeks to enforce collateral agreements, wind up the company for inability to pay its debts and obtain an order of court, adjudging Alhaji Abdulrahman Musa Bashir Bankrupt.

“The Ecobank Group has representations across 36 countries in Africa and it constantly supports businesses in all these countries. The Bank holds customers’ deposits in safe trust hence its vigor 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 honor their obligations when due”.