A London court has frozen assets worldwide belonging to Abdulrahman Musa Bashar, a prominent Nigerian oil trader, over an unpaid $40 million debt. The High Court granted the freezing order on March 30 against Bashar and his UAE-based company, Ultimate Oil and Gas FZCO.
Bashar chairs the Rahamaniyya Group and controls substantial holdings across four continents. His disclosed assets span the United Arab Emirates, Nigeria, the United Kingdom, and France, valued at roughly $170 million.
The court found a pattern of evasion and deliberate concealment. Judges said Bashar moved assets specifically to keep them from creditors' reach.
Petrichor Energy FZCO, a Dubai commodity trader, entered into supply contracts with Ultimate Oil and Gas between 2022 and 2023. Ultimate received shipments of gasoil and Jet-A1 aviation fuel but repeatedly failed to pay in full.
Petrichor pursued recovery through courts and arbitration proceedings simultaneously. The dispute dragged on for months without resolution.
In January 2024, Bashar personally guaranteed Ultimate's debts under a written agreement. He also provided nine signed, undated cheques as security for the obligation.
Neither instrument worked. Ultimate never settled the full amount, and Bashar's bank rejected every cheque when Petrichor tried to cash them.
By February 2025, an English court entered judgment against both men. The outstanding debt stood at approximately $40 million.
What alarmed the bench most was Bashar's conduct after judgment. He sold multiple UAE properties worth around $3.8 million shortly after the ruling came down.
Not a single dollar from those sales went toward the debt. The court saw this as deliberate evasion.
On March 15 this year, Bashar allegedly made a threatening phone call to Petrichor's managing director. According to court testimony accepted by judges, he warned he would "dispose of" his assets if the creditor rejected another revised repayment plan.
The court treated that threat seriously. It viewed the statement as direct evidence that Bashar intended to dissipate remaining holdings.
Disclosure problems compounded the judge's concerns about asset concealment. Evidence suggested Bashar had failed to fully reveal Nigerian assets.
Those undisclosed holdings allegedly included petrol stations and residential property. The Nigerian properties were reportedly worth more than $21 million combined.
The worldwide freezing order is one of English law's most powerful enforcement tools. It prevents Bashar and his company from moving, selling, or transferring any assets globally up to the debt amount.
Bashar can face contempt charges if he violates the order. Breaching such an injunction carries serious legal penalties in English courts.
The case highlights risks faced by international traders in commodity markets. Payment failures can trigger cascading legal consequences across multiple jurisdictions.
Petrichor's pursuit of recovery shows how modern disputes between trading houses often require simultaneous action in courts and arbitration forums. Neither path alone guaranteed results.
The judgment against Bashar remains unpaid. His global assets now sit frozen pending resolution.
