The High Court of Justice in London has granted a post-judgment worldwide freezing order against Nigerian businessman Abdulrahman Musa Bashar and his Dubai-based company, Ultimate Oil & Gas FZCO.

The order, issued on March 30, 2026 by Justice Bryan, freezes assets valued at approximately $40.2 million linked to the Rahamaniyya Group chairman.

It is intended to preserve assets pending enforcement of unpaid debts owed to UAE-based oil trader Petrichor Energy FZCO, arising from a long-running commercial dispute.

The court granted the freezing order after considering fresh evidence indicating a risk that assets could be dissipated.

Justice Bryan referred to a March 15, 2026 phone call in which Bashar allegedly threatened to “dispose of assets” in order to frustrate enforcement proceedings.

The court noted that an earlier freezing order had been lifted in 2024 due to insufficient evidence, but said the circumstances had now “shifted significantly.”

It further observed that Petrichor holds final judgments against Bashar and his company, yet the outstanding debts remain largely unpaid, despite earlier asset disclosures of around $170 million.

The court also identified evidence of “fire sales,” noting that luxury properties in Dubai were reportedly sold at prices nearly $6 million below their declared values following the 2025 judgments.

Justice Bryan also referenced a previous one-year prison sentence imposed by a Dubai court over dishonoured cheques, describing it as part of the wider risk profile considered in the case.
Background to the dispute.

The commercial dispute between Petrichor and Ultimate Oil & Gas stems from a series of fuel supply agreements.
The relationship initially involved five spot contracts for gasoil and Jet A1 fuel, before progressing to a term contract signed in April 2023.