London Court Freezes $40.2m Assets of Nigerian Oil Magnate Abdulrahman Musa Bashar in Debt Enforcement Dispute
The High Court of Justice in London has issued a post-judgment worldwide freezing order against Nigerian businessman Abdulrahman Musa Bashar, chairman of the Rahamaniyya Group, and his Dubai-based company, Ultimate Oil & Gas FZCO.
Delivering the ruling on 30 March 2026, Justice Bryan ordered the freezing of assets worth approximately $40.2 million to secure unpaid debts owed to UAE oil trader, Petrichor Energy FZCO, arising from a prolonged commercial dispute over fuel supply contracts.
The court relied on fresh evidence, including a March 15, 2026 phone call in which Bashar allegedly threatened to dispose of assets to frustrate enforcement.
A prior freezing order was lifted in 2024 due to insufficient evidence, but the court held that circumstances had “shifted significantly.”
Bashar failed to disclose over $41 million in assets, including petrol stations and properties, with explanations deemed lacking credibility.
The court also found evidence of “fire sales,” where luxury properties in Dubai were sold at nearly $6 million below declared value following 2025 judgments.
The court referenced Bashar’s prior one-year prison sentence in Dubai for dishonoured cheques as part of the broader enforcement risk.
The dispute originated from multiple fuel supply agreements, including spot contracts and a term contract signed in April 2023.
While payments were made for delivered products, Ultimate Oil & Gas allegedly defaulted on interest and demurrage charges.
Petrichor initiated arbitration at the Dubai International Arbitration Centre in November 2023, leading to restructuring agreements backed by undated cheques and Bashar’s personal guarantee.
Repeated defaults and dishonoured cheques escalated the matter into litigation and enforcement proceedings.
The ruling places renewed scrutiny on Rahamaniyya Group’s operations in Nigeria’s oil and gas sector, particularly its petroleum storage depot in Apapa, Lagos. Justice Bryan dismissed arguments that it was too late to freeze assets, stressing that “justice requires that the court take steps to ensure its judgments are not rendered valueless by unjustified disposal of assets.”
The freezing order remains in effect pending further hearings, where Bashar and his company may contest the injunction.
This latest development adds to Rahamaniyya’s history of debt-related disputes, including a 2019 case filed by Ecobank over an alleged ₦25.9 billion petroleum debt, handled by Olisa Agbakoba Legal.
