 |
| One of the Abuja mansions of Abdulrahman Musa Bashar, chairman of Rahamaniyya Group of Companies |
Enforcement proceedings commenced on Wednesday against properties linked to Abdulrahman Musa Bashar, chairman of Rahamaniyya Group of Companies, in Lagos and Abuja following Nigerian court orders obtained by Petrichor Energy FZCO in connection with an approximately $40 million debt dispute.
The enforcement action followed a February 25, 2026, order of
the Federal High Court in Lagos granting Petrichor leave to register a
judgment of the High Court of Justice of England and Wales for enforcement in
Nigeria.
The Federal High Court subsequently issued writs of attachment
and sale dated May 15, 2026, directing enforcement against assets linked to
Bashar and, under a separate writ, Bashar and Ultimate Oil & Gas FZCO.
The enforcement operation was carried out in Lagos and Abuja,
with court documents served and posted at properties linked to the respondents.
DISPUTE AROSE FROM GASOIL, JET AI TRANSACTIONS
The Nigerian enforcement action is the latest stage of a multi-jurisdictional recovery effort arising from transactions between Petrichor Energy, formerly known as CE Energy DMCC, and Ultimate Oil & Gas.
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.
BASHAR GAVE PERSONAL GUARANTEE FOR DEBT
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.
The conviction and sentence were subsequently revoked following a request by the parties.
ENGLISH COURT ENTERS JUDGMENTS AGAINST BASHAR, ULTIMATE
Petrichor subsequently obtained summary judgments against the
respondents in February 2025.
According to the court documents, Ultimate was ordered to pay AED 22.8 million, while Bashar was ordered to pay AED 122.1 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 judgments against by Bashar at AED 120,089,582.69 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 judgment against Ultimate.
UK COURT GRANTS WORLDWIDE FREEZING ORDER
On March 30, 2026, the UK High Court granted a post-judgment
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 AED 13.42 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.
PETRICHOR SEEKS RECOVERY OF JUDGMENT DEBT
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 judgment debt in the Petrichor proceedings is stated to
be approximately $40 million, including accrued interest and costs.
ENFORCEMENT TEAM VISITS BASHAR’S LAGOS, ABUJA RESIDENCES
ABUJA
LAGOS
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.
Additional reports by Jerrywright Ukwu and Pelunmi Bolawa
The Cable
0 Comments