British Court Freezes Assets of Prominent Nigerian Oil Trader
A British court has imposed a global legal freeze on the assets of Abdulrahman Musa Bashar, the chairman of Rahmaniyah Group, due to his failure to repay a $40 million judgment. This ruling has temporarily immobilized his assets across at least four countries, stemming from concerns that he might try to conceal his wealth in exchange for settling his debts.
Substantial Global Freezing Order Issued
On March 30, London’s High Court issued a worldwide freezing order against Bashar and his UAE-based trading firm, Ultimate Oil and Gas FZCO. The court determined that Bashar exhibited a pattern of evasion, incomplete disclosures, and intentional asset transfers, all aimed at shielding his wealth from creditors.
Details of the Dispute and Financial Impact
The underlying dispute traces back to oil trading agreements forged between 2022 and 2023. Petrichor Energy FZCO, a Dubai-based commodity trading firm, entered into both spot and term contracts with Ultimate Oil & Gas to supply diesel oil and Jet A1 aviation fuel. However, Ultimate failed to fulfill payment obligations, leaving Petrichor in dire financial straits and prompting legal action through simultaneous court and arbitration proceedings.
Attempts at Resolution Prove Fruitless
In a bid to resolve the matter, Bashar signed a personal payment agreement in January 2024, guaranteeing payment if Ultimate defaulted. He also provided nine signed and undated checks as additional collateral. Ultimately, these agreements proved ineffective. Despite the arrangement, Ultimate never settled the debt, and all presented checks were rejected by Bashar’s bank.
Signs of Evasion Raise Red Flags in Court
By February 2025, British courts had ruled against both Bashar and Ultimate, with approximately $40 million outstanding. The court highlighted troubling signs of asset concealment, including Bashar’s sale of UAE properties valued at around $3.8 million shortly after the judgment, without allocating any proceeds to his debt. Testimony indicated that Bashar threatened to “dispose” of his assets to hinder enforcement efforts, reinforcing the court’s decision to issue a freezing order.
History of Legal Challenges
Bashar’s current legal predicament is not his first encounter with the British judiciary. In February 2020, he was sentenced to ten months in prison for failing to comply with multiple court orders in a separate case involving Sahara Energy Resources. Additionally, in January 2025, a Dubai court found him guilty in absentia for issuing invalid checks, related to an unrelated dispute with CI Energy Company.
Global Enforcement Mechanisms Activated
With the freezing order in place, Petrichor quickly initiated actions to enforce the judgment, not only in the UK but also in both Dubai and Nigerian courts. This multi-jurisdictional approach aims to close off any potential avenues for Bashar to move or hide his funds. On April 17, a British court authorized representatives of Petrichor to access a storage facility in Delta State, Nigeria, to retrieve unpaid gasoline shipments supplied to Ultimate, underscoring the severity of the situation.
