Ecobank Nigeria Limited has instituted a N25.9billion debt recovery action against Rahamaniyya, an oil and gas company and Alhaji Abdukrahaman Musa Basiru, the Managing Director of the company.
The bank said it made the sum available to the company for the sole purpose of financing the importation and local purchase of petroleum products.
The bank, through its solicitors, Olisa Agbakoba Legal, instituted the debt recovery action at the Federal High Court and the High Court of the Federal Capital Territory, Abuja.
Justice Chuka Austine Obiozor of the Federal High Court granted 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.
Also, an order for the issuance of a bankruptcy notice was granted against the Managing Director, Bashir.
The action against Bashir is said to be based on his personal guarantee to repay the loans which he failed to meet following his company’s huge indebtedness to the bank.
These recovery actions came on the heels of the bank’s resolve to ensure that debtors fully honour their obligations after benefitting from credit facilities which helped to grow their businesses.
The bank seeks to enforce collateral agreements, wind up the company for inability to pay its debts and obtain an order of court declaring Bashir bankrupt.