An English High Court has granted a worldwide freezing order against Nigerian businessman Abdulrahman Musa Bashar, chairman of the Rahamaniyya Group, and his UAE-based trading firm, Ultimate Oil and Gas FZCO, following a dispute over unpaid oil trading debts.

The order, issued on March 30, 2026, restricts Bashar and his company from dealing with assets globally up to the value of outstanding judgment debts arising from oil supply transactions.

The case stems from a series of gasoil and Jet-A1 fuel deals between Dubai-based trader Petrichor Energy FZCO and Ultimate Oil and Gas between 2022 and 2023. According to the court, Ultimate received the cargoes but failed to fully meet its payment obligations, leading to arbitration and court proceedings.

In January 2024, Bashar entered into a payment agreement and provided a personal guarantee securing the company’s obligations. As part of that arrangement, nine cheques were issued as security. However, the court heard that the cheques were later dishonoured by the bank due to irregular signatures.

Judgment was subsequently entered in favour of Petrichor, with approximately $40 million (combined liabilities) remaining unpaid.

In granting the freezing order, the court cited several factors, including evidence that assets had been sold after judgment without proceeds being applied toward the debt. The court also accepted evidence of a March 15, 2026 phone call in which Bashar stated he would “dispose of” assets if payment demands were enforced, describing this as relevant to the risk that assets could be put beyond the reach of creditors.

The court further noted concerns about incomplete disclosure of assets, including properties and business interests not initially declared, as well as a history of non-compliance with payment obligations.

In its assessment, the court concluded there was sufficient evidence of a risk that assets could be dissipated, stating the case appeared to involve a party who “will not pay, rather than cannot pay.”

The judgment also referenced prior legal matters involving Bashar, including a previous contempt of court finding in the United Kingdom and a cheque-related conviction in Dubai, which was later resolved following settlement between parties.

With the freezing order now in place, Petrichor has initiated enforcement proceedings in multiple jurisdictions, including the United Arab Emirates and Nigeria, aimed at recovering the outstanding sums.

The defendants have challenged aspects of the freezing order, but it remains in force pending further proceedings.