Dispute over commercial debt restructuring raises concerns on enforcement actions

Eazzytransact Payment Service Africa Limited (Eazzytransact) and its promoter, Olumide Olusanya Adeniran, are currently engaged in a dispute arising from a commercial transaction with Kashton Concepts Nigeria Limited (Kashton), which has evolved into a structured debt negotiation and ongoing litigation.

At the centre of the matter is a series of foreign exchange and remittance transactions executed between both parties in connection with offshore obligations, including engagements involving BP Oil International. The total transaction volume under this arrangement is estimated at approximately $150 million.

Transaction history and emergence of outstanding obligations

Available records indicate that Eazzytransact fulfilled a substantial portion of its obligations under the arrangement, with repayments totalling approximately $109.5 million. However, the business relationship became strained due to a combination of delayed settlement cycles and significant volatility in the foreign exchange market.

During the relevant period, exchange rates shifted materially from approximately N200/$ to N250/$, creating a widening settlement gap. By early 2025, this had crystallised into an outstanding obligation of approximately $31.5 million.

Initial repayments and restructuring efforts

Prior to the crystallisation of the dispute, Eazzytransact had made additional repayments estimated at $29.99 million between June and November 2024, including $8.5 million within July and August alone.

In response to the growing exposure, both parties entered negotiations between May and June 2025, which resulted in a revised and mutually acknowledged debt position of $24 million. This restructuring was accompanied by a defined repayment framework intended to facilitate orderly settlement over time.

Breakdown in engagement and escalation of dispute

In January 2025, Adeniran attended meetings in London at the invitation of Kashton, including discussions relating to settlement arrangements with BP. According to his account, he was not permitted to participate in key discussions and was subsequently presented with additional requirements, including a corporate guarantee from a UK-based entity and a personal indemnity.

Following these engagements, Adeniran states that he began receiving invitations from law enforcement agencies, including Economic and Financial Crimes Commission (EFCC), based on allegations relating to the underlying transactions.

Judicial intervention and subsequent developments

In February 2025, Adeniran approached the Federal High Court, asserting that the dispute was fundamentally commercial in nature. The court subsequently directed all parties to maintain the status quo pending determination of the matter.

Despite this, Adeniran contends that in November 2025 he was declared wanted by the EFCC, an action he argues was taken notwithstanding the subsisting court order.

Repayment framework and ongoing proposals

Separately, in May 2025, both parties- through UK-based counsel- reportedly reaffirmed a settlement structure under which Eazzytransact would assume responsibility for $24 million, while Kashton would contribute $7.5 million toward obligations linked to BP.

As part of this arrangement:

An initial payment of $200,000 was made by Eazzytransact as a demonstration of commitment.
A four-year repayment plan was agreed, with annual payments of $6 million commencing August 1, 2025.
The framework contemplated an additional $4 million from an international financing source, which remains pending.
Adeniran has also submitted a supplementary repayment proposal to both Kashton and the EFCC, outlining:

Monthly repayment flows supported by a proposed N20 billion bank guarantee facility.
Additional funding from international financing arrangements.
Structured liquidation of the outstanding $24 million obligation over time.

Impact of enforcement actions on repayment capacity

Adeniran asserts that subsequent enforcement actions have materially affected his ability to execute the agreed repayment plan. These actions, according to court filings, include: placement on a regulatory watchlist, freezing of associated accounts, and public designation as a wanted individual.
He maintains that these measures have disrupted access to a pre-approved N2 billion facility from Parallex Bank, impaired efforts to secure approximately $10 million in foreign financing, delayed a proposed N20 billion guarantee arrangement with UBA linked to a gasoil supply transaction, and undermined ongoing equity fundraising efforts targeting up to $75 million.
Ongoing legal proceedings

In his fundamental rights enforcement action before the Federal High Court, Adeniran is seeking judicial determination on whether the actions of the EFCC, including alleged harassment, restrictions on movement, and public notices, are consistent with his constitutional rights.

He is also requesting removal of all public notices declaring him wanted, restoration of access to financial and operational channels, as well as affirmation of his rights to liberty, privacy, and freedom of movement.

Proposed path to resolution

As part of efforts to resolve the matter, Adeniran has proposed a structured settlement framework that includes placement of identified assets under joint oversight as security, reactivation of financing channels to support repayment, and conditional lifting of enforcement restrictions to enable performance under the repayment plan.
The proposal also opens the way to allow for reinstatement of enforcement measures in the event of default.

Current status

Kashton Concepts maintains its position regarding alleged financial misconduct and continues to pursue recovery through legal and enforcement avenues.

The matter now sits before the court at the intersection of commercial dispute resolution and regulatory enforcement, with the outcome expected to clarify both the enforceability of the repayment framework and the scope of permissible enforcement actions in a subsisting civil dispute.