N25bN debt: Court restrains firm from tampering with oil products

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LAGOS— A Federal High Court in Lagos has restrained an oil and gas company, Rahamaniyya, from tampering with petroleum products in its Tank Farms following a debt recovery suit instituted against it by Ecobank Nigeria Limited. Justice Chuka Austine Obiozor granted the restraining order while ruling on an application brought by Ecobank seeking to restrain Rahamaniyya and its directors from interfering or tampering with the petroleum products in their tank farms, which were financed by Ecobank. Court strikes out case against cleric over private varsity in Enugu community(Opens in a new browser tab) Ecobank had instituted a debt recovery suit against the company following its failure to repay an N25billion loan facility for the importation and local purchase of petroleum products. The bank, through its Solicitors, Olisa Agbakoba Legal had also secured an order for the issuance of a bankruptcy notice against the Managing Director of Rahamaniyya, Alhaji Musa Bashir, based on his guarantee to repay the loans. The suit, instituted by the bank, seeks amongst other things to enforce collateral agreements, wind up the company for inability to pay its debts.

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