Alleged debt: Ecobank demands N3.3b from oil firms

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 Robert Egbe


ECOBANK Nigeria Limited on Tuesday urged the Federal High Court in Lagos to order Sahara Group Limited to pay it the $9.1million (about N3.3billion), which it allegedly admitted owing the bank.

The bank, through a January 23 motion, is seeking summary judgment for $9,125,119.34 being part of the money owed it.

Ecobank claimed that Sahara Energy Resources Limited, Isle of Man, and Sahara Group Limited owed it $14,069458.30, “being the principal sum and interest due to the counter-claimant as of 21st August 2019”.

According to the bank, the oil firms had offered to pay $9,125,119.34 “as full and final settlement of their indebtedness”.

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However, the bank is demanding $14,069,458.30 as the actual debt as of August 21, 2019.

Through its counsel, Mr Obinna Divine of Insolvency Forte, Ecobank is also praying the court to compel the oil firms to pay it another $5,069,458.30.

The sum, it said, is “the outstanding correspondence to the defendant in tandem with the offer letters of the 1st of May, 2016 and other subsisting agreements between the parties”.