The Chief Executive Officer of Rahamaniyya Oil and Gas Limited Abdulrahman Bashir has been jailed in the United Kingdom, the Premium Times confirms.
Justice Butcher of England and Wales High Court sentenced the billionaire oil mogul to 10 months in prison plus a £500,000 fine after he was found guilty of breaching multiple orders of the court in a pending suit instituted against him by Sahara Energy Resources Ltd.
Abdulrahman Bashir had been ordered 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 with Sahara Energy in 2018.
In the signed contract, Ultimate Oil and Gas agreed to buy, and Sahara agreed to sell 15,000 metric tonnes in the Vacuum of Gas Oil. Ultimate Oil and Gas later defaulted in making necessary payments after Sahara Energy delivered a total of 14,967.159 metric tonnes of gas oil to Rahamaniyya’s terminal in Nigeria.
You can find the full report of this article on the Premium Times.