All News In One Place

Breaking News

10/recent/ticker-posts

Abdulrahman Bashir, Nigerian Oil Magnate Jailed For Ten Months in UK

                                      Nigerian oil mogul, Abdulrahman Bashir jailed in UK


The Chief Executive Officer of Rahamaniyya Oil and Gas Limited, Abdulrahman Bashir, has been jailed in the United Kingdom after he was found guilty of breaching multiple orders of the court in an imminent suit initiated by Sahara Energy Resources Ltd.

The judgment was passed by Justice Butcher of England and Wales High Court.


The tycoon who was given a 10 months jail sentence, had been bid to comply with requests for the release of 6,400.69 metric tonnes gas oil to Sahara Energy Resource Ltd or its agent from Rahamaniyya Oil and Gas Ltd, Jetty 6.436181, Ibafon, Kirikiri Waterfront, of Aero Maritime Street, Apapa, Lagos, Nigeria (“the Terminal”).

 

This was in line with the deal Ultimate Oil and Gas, the trading arm of Rahamaniyya Oil in the Dubai Multi Commodities Centre (DMCC), entered into a deal with Sahara Energy in 2018. In the signed contract, Ultimate agreed to buy, and Sahara agreed to sell 15,000 metric tonnes in the Vacuum of Gas Oil.

 

A Collateral Management Agreement (CMA) containing a London arbitration clause was entered into on July 8, 2018, between the two parties and it was further learnt that Rahamaniyya agreed to store the gas oil at its terminal pending payment by Ultimate.


According to premium times reports, Sahara delivered a total of 14,967.159 metric tonnes of gas oil to Rahamaniyya’s terminal in Nigeria and also issued invoices for the gas oil on October 26, 2018, for USD 10,760,728.77. The payment should have been made by August 29, 2019, but Ultimate defaulted in making necessary payments.

 

In December 2018, Ultimate and Sahara entered into a settlement agreement in which Ultimate confirmed that the value of gas oil that had been delivered was USD 10,760,728.77, and agreed to make a series of monthly payments for it.

 

Court records showed that some payments were made, in consequence of which some 8,566.469 metric tonnes of gas oil was released to Ultimate. Ultimate, however, reneged in performing the terms of the settlement agreement in full by making all the payments due. After various warnings, on May 10, 2019, Sahara terminated the settlement agreement, notifying Ultimate that its agent, Asharami Synergy Plc would take delivery of part of the remaining gas oil from the terminal.

 

Various attempts made by Sahara to obtain delivery of the gas oil were fruitless, traversing to the lawsuit which was filed both in Lagos and in the United Kingdom. 

 

There was also a binding indication that the sentence could be reduced to six months if Mr Bashir complies with the relevant order which had previously been breached. He was also fined £500,000 while Adebowale Aderemi, its manager, was fined £10,000.


news source; premium times news & Lindaikejisblog.

Post a Comment

0 Comments