Mai Mala Buni and his company, MMB PETROLEUM AND CHEMICAL COMPANY is about to scam a small indigenous company, TRADE OIL SARL, after paying N705,000,000

Information reaching Kossyderrickent has it that Mai Mala Buni and his company, MMB PETROLEUM AND CHEMICAL COMPANY is about to scam a small indigenous company, TRADE OIL SARL, after paying N705,000,000. 

The revelation was made by popular journalist, PidomediaNigeria. 

PidomediaNigeria wrote: “Governor of Yobe state Mai Mala Buni @MalaBuni, and his company MMB PETROLEUM AND CHEMICAL COMPANY is about to scam a small indigenous company, who paid them seven hundred and five million naira (705,000,000) on the 14th January 2023, as part payment, for 2 million liters of AGO.

“From my findings, his company MMB PETROLEUM, entered a Gasoil trade agreement with another company, TRADE OIL SARL on the 28th of December 2022, for the purchase of 20,000 metric tonnes, at the cost of $1,035,50 per metric tonne. Which totals $20,805,323.99.

“By the agreement, TRADE OIL SARL, requested a 50% upfront payment of $10,402,662 before the discharge of the cargo.

When the vessel arrived, it could not discharge, because MMB PETROLEUM, failed to pay the required 50% upfront payment terms, of their sales agreement.

“But MMB PETROLEUM, went behind to take 50% upfront payment from this small indigenous company, for the sale of 2 million liters of AGO which is seven hundred & five million naira. 705,000,000 even when they know they don’t have the product. But have only entered agreement to buy.

“They now used the seven hundred and five million naira paid to them by that small indigenous company, who is doing business with them for the first time, to deposit as part of the requested 50% upfront payment by TRADE OIL SARL. But they failed to pay the 50% complete. 

“So the company refused to discharge the cargo.

In February of 2023, the company TRADE OIL SARL, wrote to MMB PETROLEUM, to notify them of breach of their trade payment terms. Mind you, the small indigenous company payment for 2 million liters of AGO, by February 2023 is now one month in the hands of MMB petroleum, without them seeing or receiving the product.

But the bank interest is reading.

TRADE OIL SARL, gave MMB PETROLEUM 15 working days to make the payment, so the cargo can be discharged. But MMB PETROLEUM failed to do so.

“They only wrote to TRADE OIL SARL, to grant them the request to handover their right of purchase to another company. Menj Oil Ltd.

Wheras, they were still holding on to the 705,000,000 paid to them for 2 million liters of AGO.

TRADE OIL SARL agreed to their request, but the new Company Menj Oil Ltd could not also meet up with the 50% upfront payment.

“TRADE OIL SARL had no choice, than to terminate the sales agreement it entered with MMB petroleum, on the 27th of February 2023. It also asked MMB PETROLEUM, to provide a bank account for refunds of it’s deposit. But MMB PETROLEUM is asking TRADE OIL SARL, to discharge the cargo, after sales, it will pay all the 100% payment. The company refused.

“Since January 14th 2023 that small indigenous company paid MMB PETROLEUM 50% upfront payment for AGO, they haven’t gotten The product, or their refund. MMB PETROLEUM refused to send any bank account to TRADE OIL SARL, so the refund could be made.

Simply because the money hanging is not theirs.

But the 3 months bank Interest kept reading and increasing on the head of the owners of that small company Who owns the cash. All efforts to get back their money, or product, has met brick wall.

The CFO MMB PETROLEUM Aminu is requesting for bribe, for him to get back the money. He kept frustrating the small company.

The Governor of Yobe state & owner has been reached, but nothing.

“His wife has been contacted, but nothing. All efforts to recover back the money, has been frustrating.

They are using government connections to intimidate a small company, while trying to scam them. I am giving Governor Mai Mala Buni and his company MMB PETROLEUM, 4 days To release that money, or else i will publish every document in my possession, so the whole world can see and know who he is.

The world will also know what MMB PETROLEUM AND CHEMICAL COMPANY stands for.

How dubious they are.

4 days is 4 days.”