BEVERLY HILLS, August 19, (THEWILL) – Abdulrahman Bashir, the Chief Executive Officer of Rahamaniyya Oil and Gas Limited has been jailed in the United Kingdom.
Justice Butcher of England and Wales High Court sentenced the Nigerian oil mogul after he was found guilty of breaching multiple orders of the court in a pending suit instituted by Sahara Energy Resources Ltd.
Bashir who was handed a 10 months jail sentence, 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.
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.
