The Chief Executive Officer of Rahamaniyya Oil and Gas Limited, Abdulrahman Bashir has been jailed in the United Kingdom.
England and Wales High Court’s Justice Butcher sentenced Bashir after he was found guilty of contravening multiple orders of the court in a pending suit filed by Sahara Energy Resources Ltd.
Bashir who was sentenced to 10 months in prison had been directed to accept the requests for the release of 6,400.69 metric tonnes gas oil to Sahara Energy Resource Ltd or the agent of the company from Rahamaniyya Oil and Gas Ltd, Jetty 6.436181, Ibafon, Kirikiri Waterfront, of Aero Maritime Street, Apapa, Lagos, Nigeria (“the Terminal”).
This was in accordance with the deal Ultimate Oil and Gas, the trading arm of Rahamaniyya Oil in the Dubai Multi Commodities Centre (DMCC), entered into with Sahara Energy in 2018.
In the duly signed contract, Ultimate Oil and Gas agreed to buy, and Sahara Energy agreed to sell 15,000 metric tonnes in the Vacuum of Gas Oil.
A Collateral Management Agreement (CMA) that contained a London arbitration clause was signed by both parties on 8 July 2018 and it was later discovered that Rahamaniyya agreed to store the gas oil at its terminal pending payment by Ultimate.
According to Premium Times, Sahara Energy delivered a total of 14,967.159 metric tonnes of gas oil to the terminal of Rahamaniyya Oil and Gas in Nigeria and also generated invoices for the gas oil on 26 October 2018 for USD 10,760,728.77. The payment was expected to be made on 29 August 2019 but Ultimate Oil and Gas defaulted in making the payments.