Rahamaniyya, Sahara to settle oil deal rift out of court in national interest
Out of the desire to ensure a smooth supply of petroleum products into the Nigerian market and to strengthen the nation’s oil sector, two of the key players, Rahamaniyya Oil and Gas and Sahara Energy have agreed to settle their differences out of court.
Daily Times gathered that both parties’ agreement to withdraw legal action was borne out of the need to avoid subverting the Federal Government’s efforts at ensuring adequate supply of products, especially, petrol in the country.
Abdulrahman Bahsar, the Group Managing Director of Rahamaniyya Oil and Gas who disclosed this in Abuja on Friday said he is committed to the service agreement between his firm and Sahara Energy over the buying and selling of 15,000MT Gasoil deal between the two firms in 2018.
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He said any face-off between the two firms may rob off negatively on the nation’s oil industry.
Bashar, in his response to a report that he had defaulted in the agreement and sentenced by a London Court, clarified that an agreement was reached between Ultimate Oil and Gas, Sahara Energy, and Rahamaniyya Oil and Gas on a payment plan for the balance of cargo dues owed to Sahara Energy to be effected between Dec 2019 and 31 Jun 2020.
Speaking through Dada Awosika, his Legal Adviser in a statement, he explained that as part of the agreement, Sahara would relinquish claim over cargo return while Rahamaniyya would withdraw proceedings against Sahara in a Nigerian court.
He stated that on June 5, 2020, a revised payment agreement was concluded by all parties and is expected to be completed latest by Feb 2021.
“On July 9, 2020, the final award was granted in the matter of arbitration by Sole Arbitrator awarding Sahara monies in respect of cargo dues, interest, and legal costs,” Bashar said.
“In Service of the agreement dated 5 June 2020, N100milion was paid by Rahamaniyya to Sahara Energy on 10 August 2020 into its Nigerian account at FCMB and N130million on 20 August 2020″
