$40m Debt: Courts Seize Oil Tycoon, Abdulrahman Bashar’s Lagos, Abuja Mansions, Vehicles

MICHAEL AKINOLA

The Federal High Court enforcement proceedings have commenced on Wednesday September 23 against several properties linked to oil magnate and Chairman of Rahamaniyya Group of Companies, Alhaji Abdulrahman Musa Bashar, in Lagos and Abuja.

These actions follow registration of English court judgment in favour of Petrichor Energy FZCO by Nigerian court orders in connection with an approximately $40 million debt dispute.

The enforcement action follows a February 25, 2026 order of the Federal High Court, Lagos Judicial Division, granting Petrichor Energy FZCO leave to register a judgment of the High Court of Justice of England and Wales and registering that judgment for purposes of enforcement in Nigeria.

The Federal High Court subsequently issued writs of attachment and sale dated May 15, 2026, directing enforcement against assets belonging to Bashar and, under a separate writ, Bashar and Ultimate Oil & Gas FZCO.

The enforcement operation is now being carried out across Lagos and Abuja, with court enforcement documents served and posted at properties connected to the respondents.

The Nigerian action is the latest stage of a multi-jurisdictional recovery effort arising from unpaid petroleum product transactions between Petrichor Energy, formerly known as CE Energy DMCC, and Ultimate Oil & Gas.

Between 2022 and 2023, Petrichor Energy supplied gasoil and Jet-A1 aviation fuel to Ultimate Oil & Gas.

According to the case materials, the transactions resulted in approximately $40 million remaining outstanding, leading to legal and arbitration proceedings across several jurisdictions.

On February 14, 2025, the Commercial Court of the High Court of Justice of England and Wales delivered judgment in proceedings involving CE Energy DMCC and Bashar, alongside separate proceedings involving Ultimate Oil & Gas DMCC.

The judgment addressed obligations arising under Bashar’s personal guarantee, as well as principal sums, interest and costs.

The Court also declined to grant a stay of execution.

On March 30, 2026, the English High Court subsequently granted a worldwide freezing order against Bashar and Ultimate Oil & Gas.

According to the accompanying case materials, the order concerned approximately $40 million in disputed assets across Nigeria, the UAE, the UK and France, restricting the defendants from disposing of or dealing with assets within the scope of the order.

The materials describe evidence concerning asset sales, defaults under a structured payment arrangement and concerns regarding the dissipation of assets.

They also identify a Nigerian property valued at approximately $21.3 million among assets identified in the proceedings.

With the English judgment registered for enforcement in Nigeria and writs of attachment and sale issued by the Federal High Court, Petrichor Energy on Wednesday commenced enforcement activity against assets connected to the respondents in Lagos and Abuja.

The writs direct the Sheriff to levy the sums due through the attachment and sale of goods and chattels belonging to the respondents, as well as the seizure of specified monetary and financial assets.

The enforcement action represents the latest step in Petrichor Energy’s efforts to recover sums awarded through the underlying proceedings.

According to court documents, the dispute stemmed from contracts for the supply of various parcels of gasoil and Jet A1 aviation fuel.

The business relationship began with five spot contracts before the parties entered into a term contract on April 25, 2023.

According to the court documents, Ultimate initially paid for the products supplied under the spot contracts but reportedly defaulted on associated interest payments and demurrage charges arising from some of the contracts.

On November 22, 2023, Petrichor commenced arbitration proceedings at the Dubai International Arbitration Centre (DIAC) to recover the outstanding interest and demurrage.

Two cargoes were subsequently delivered under the term contract. However, Ultimate again failed to meet its payment obligations, according to the court documents.

On January 14, 2024, the parties entered into a payment agreement to restructure Ultimate’s outstanding obligations under the spot and term contracts.

Under the agreement, Petrichor was to continue supplying additional cargoes, subject Ultimate’s compliance with the repayment terms.

As security for Ultimate’s obligations, the company issued nine undated cheques signed by Bashar, who also provided a personal guarantee backing the company’s obligations.

After Ultimate partially complied with the agreement, Petrichor supplied another cargo of gasoil under a new spot contract.

Ultimate subsequently defaulted again, prompting Petrichor to issue a notice of breach on March 20, 2024. Ultimate, however, disputed the alleged default.

On April 4, 2024, Petrichor presented seven of the cheques for payment and also demanded settlement under Bashar’s personal guarantee. The cheques were returned unpaid two days later because of “irregular” signatures.

Petrichor later filed a criminal complaint over the dishonoured cheques. According to the court documents, Bashar was subsequently convicted in absentia and sentenced to one year in prison sentence.

The conviction and sentence were subsequently revoked following a request by the parties.

Petrichor subsequently obtained summary judgements against the respondents in February 2025.

According to the court documents, Ultimate was ordered to pay AED22.8 million, while Bashar was ordered to pay AED122.1 million under his personal guarantee, in addition to interest and costs.

The parties entered another payment agreement in April 2025, providing for structured instalments and limited grace periods for delayed payments.

The court said Ultimate subsequently defaulted on multiple instalments despite extensions and partial payments.

The court records put the amount outstanding under one of the summary judgements against by Bashar at AED120,089,582.69 and £94,025.56, equivalent to about $32.7 million.

A further AED27,491,540.66 and £63,859.28, approximately $7.5 million, was outstanding under another summary judgement against Ultimate.

On March 30, 2026, the UK high court granted a post-judgement worldwide freezing order against Bashar and Ultimate over the unpaid debt.

The order restricted the defendants from disposing of or dealing with assets within its scope across Nigeria, the UAE, the UK and France.

In granting the order, the court found sufficient evidence of a risk that assets could be dissipated.

The judge referred to a March 15, 2026 conversation in which Bashar allegedly threatened to “dispose of his assets” if Petrichor did not accept Ultimate’s proposed payment terms.

“I consider that this does, indeed, provide direct evidence of a risk of dissipation,” the judge said.

The court also considered the respondents’ continued failure to comply with court orders and previous findings of contempt in separate proceedings.

The judge noted that Bashar had sold properties in the UAE and UK worth about $3.81 million and AED13.42 million, approximately $3.66 million.

The court consequently held that there was “a good arguable case” that assets could be moved and found it appropriate to grant a worldwide freezing order.

The writs issued by the federal high court direct the sheriff to recover the sums due through the attachment and sale of goods and chattels belonging to the respondents, as well as the seizure of specified monetary and financial assets.

The enforcement represents the latest step in Petrichor’s efforts to recover sums arising from the underlying proceedings.

The materials also state that enforcement proceedings are active before the DIFC courts under reference CFI 118/2025.

The judgement debt in the Petrichor proceedings is stated to be approximately $40 million, including accrued interest and costs.

In Lagos, the enforcement team initially encountered resistance from a security guard who refused to allow the lawyers and bailiff access to the property at Parkview Estate, Ikoyi.

The team eventually gained entry but could not obtain the keys to the apartment. About two of the seven escort vehicles were also towed from the compound.

In Abuja, the lawyers proceeded to Bashar’s property on Panama Crescent, Maitama, where the court order was pasted on the gate and the property was sealed.

However, enforcement at Bashar’s main residence on Logone Close, Maitama, was reportedly met with stronger resistance from people at the property.

More than a dozen vehicles were driven out of the compound, while a truck suspected to be carrying property was also driven away.

The men broke the chain used to secure the gate and nearly damaged the gates while attempting to prevent the enforcement team from carrying out the court order.

They also threatened the lawyers, journalists and police officers present at the scene.