Freezing of account: Murtala Mohammed’s son, Risqua alleges foul play
Category: Nigerian National News
“It is a fact that a Judge of the Federal High Court granted various orders restraining our aforementioned clients from operating their bank accounts.
“The repayment of the facility was to be made from ‘subsidy’ payments received from the federal government. AMG duly supplied the products as contractually agreed to Total between December 29, 2011, and January 1, 2012″.
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| Risqua Murtala Mohammed |
Son of former Head of State, Risqua Murtala Mohammed, has said that
there were ulterior motives in the orchestrated widespread media
reports, of a routine commercial dispute between his company and the
Guaranty Trust Bank.
A Federal High Court was reported by some national dailies to have
barred Risqua Mohammed from withdrawing funds from his accounts in any
of the financial institutions in the country for allegedly failing to liquidate a N1.365 billion credit facility.
A statement on Wednesday by the Counsel to Mohammed’s company, AMG
Petroenergy Limited, said the Court order was an incident common in
commercial disputes, wondering why this particular case generated huge
attention.
“It is a fact that a Judge of the Federal High Court granted various orders restraining our aforementioned clients from operating their bank accounts.
“As the orders were granted ex-parte, it is only upon further hearing
that our clients will be afforded the opportunity of being heard in the
advancement of their interests in the case”, he stated.
Clarifying the matter, Consolex Legal Practitioners confirmed that
there currently existed an unresolved payment dispute between AMG and
Total which had resulted in suit between AMG and Anor V. Total Nigeria
limited.
It explained that AMG entered into a contractual arrangement with
Total Nigeria for the supply of Premium Motor Spirit under the Petroleum
Support Fund (PSF) Scheme, while Guaranty Trust Bank Limited, on behalf
of AMG, financed the transaction.
“The repayment of the facility was to be made from ‘subsidy’ payments received from the federal government. AMG duly supplied the products as contractually agreed to Total between December 29, 2011, and January 1, 2012″.
In his reaction, Group Chief Operations Officer of AMG Petroenergy Limited, Ibrahim Baloni, explained that under the Scheme, importers of PMS, authorized by the federal government through its agency, the Petroleum Products Pricing Regulatory Agency (PPPRA) were entitled to look to the federal government for all short-falls (“under-recoveries”).
This, he said, was sustained by them by virtue of their having sold
(directly or indirectly) their imported PMS at the regulated “ex-depot”
price in the event that such sale(s) was/were at a price lower than the
“landing cost” of the product as approved/recognized by PPPRA.
Continuing, Baloni said: “In order to achieve the importation of the
said 15,000 MT of PMS, our Company drew down on an Import Facility
granted to it by Guaranty Trust Bank Plc, vide Offer of Facility letter
dated May 18, 2011, through the establishment of a $15,562,807.15
(Fifteen Million, Five Hundred and Sixty-two Thousand, Eight Hundred and
Seven Dollars Fifteen Cents) Letter of Credit.
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