Seed the red bell peppers, cut up the peppers and large onion into little chunks and add into a pot, add also the scotch bonnet and 1 cup of water, bring this to a boil for 15 minutes, drain and set aside.
Transfer the boiled pepper combo into your blender and blend till very smooth.
Rinse your rice a few times till the water in the rice looks clear (not thick and cloudy), drain and set aside.
In a large pot, heat up your vegetable oil and add the tomato paste, use a large spoon to let this fry on medium heat till the consistency is somewhat grainy, this should take somewhere between 10-15 minutes.
Add in the blended pepper mix, the cooking time required here has been cut down by the initial boiling of the peppers. Continue frying for 15 minutes.
Drop in the bay leaves, add in the thyme, chicken bouillon cubes, salt, black pepper and spanish paprika, these should be added according to taste.
Pour in the chicken broth, combine with the pepper sauce well and let it cook for another 5 minutes, or until it comes to a light boil.
Add in your washed rice, cover the pot with aluminium foil before placing on the pot lid. Reduce the heat to low and let it cook for 45 mins to an hour, no water is needed at this point, it will BURN, and that's okay!
Add in the unsalted butter, fluff the rice gently using a wooden spoon, it is ready when the texture is to your liking. Serve with your favourite protein.