The High Court of Justice in London has issued a post-judgment worldwide freezing order against Nigerian businessman Abdulrahman Musa Bashar and his Dubai-based firm, Ultimate Oil & Gas FZCO.
The ruling, delivered on March 30, 2026, by Justice Bryan, freezes assets worth about $40.2 million linked to the chairman of the Rahamaniyya Group.
The order is aimed at securing unpaid debts owed to UAE-based oil trader Petrichor Energy FZCO following a prolonged commercial dispute.
What the court is saying
The court granted the freezing order after reviewing fresh evidence suggesting a risk of asset dissipation.
- Justice Bryan cited a March 15, 2026 phone call in which Bashar allegedly threatened to “dispose of assets” to frustrate enforcement efforts.
- The court noted that although a previous freezing order was lifted in 2024 due to insufficient evidence, the situation has “shifted significantly.”
- It highlighted that Petrichor holds final judgments against Bashar and his company, yet the debts remain largely unpaid despite earlier asset disclosures of about $170 million.
The court also found evidence of “fire sales,” where luxury properties in Dubai were sold at nearly $6 million below their declared value following the 2025 judgments.
Justice Bryan further referenced a prior one-year prison sentence issued by a Dubai court over dishonoured cheques, noting it as part of the broader risk profile.
Get up to speed
The dispute between Petrichor and Ultimate Oil & Gas dates back to multiple fuel supply agreements.
The relationship began with five-spot contracts for gasoil and Jet A1 fuel, followed by a term contract signed in April 2023.
- While payments were made for the supplied products, Ultimate allegedly defaulted on interest and demurrage charges tied to the contracts.
- Petrichor initiated arbitration at the Dubai International Arbitration Centre in November 2023 to recover outstanding amounts.
- Several restructuring agreements were later reached, including payment plans backed by nine undated cheques and a personal guarantee from Bashar.
However, repeated defaults and dishonoured cheques escalated the dispute, eventually leading to court actions and enforcement proceedings.
More insights
The ruling places renewed scrutiny on the Rahamaniyya Group and its operations within Nigeria’s oil and gas sector.
Bashar is the majority owner of Rahamaniyya Oil & Gas Limited, which operates a large petroleum storage depot in Apapa, Lagos.
The court criticised his failure to disclose over $41 million in assets, including properties and petrol stations, describing his explanation as lacking credibility.
Justice Bryan dismissed arguments that it may be too late to freeze assets, stating the order ensures any remaining assets are preserved for enforcement.
- “Justice requires that the court take steps to ensure its judgments are not rendered valueless by an unjustified disposal of assets,” Justice Bryan stated.
What you should know
The freezing order remains in effect pending further hearings, where Bashar and his company may challenge the injunction.
This is not the first legal dispute involving Rahamaniyya over allegations of failure to meet debt obligations.
In 2019, Ecobank filed a case against the company over an alleged N25.9 billion debt linked to petroleum product purchases.
The case was handled by Olisa Agbakoba Legal, which represented the bank in the matter.
The latest ruling adds to ongoing legal and financial scrutiny surrounding the group’s operations.
