A United Kingdom High Court has ordered a worldwide freezing of assets belonging to Nigerian oil trader Abdulrahman Musa Bashar and his company Ultimate Oil & Gas FZCO over an alleged unpaid debt of more than $40 million.
The ruling was made in favour of Petrichor Energy FZCO, which is seeking to recover funds from a series of gasoil and jet fuel supply contracts.
The dispute arose from multiple transactions between both parties, including spot and term contracts signed in 2023. While early deliveries were reportedly paid for, disagreements later emerged over unpaid interest, demurrage charges, and outstanding obligations.
In January 2024, both sides reached a restructuring agreement in which Petrichor continued fuel supply while Ultimate Oil & Gas issued undated cheques and a personal guarantee from Bashar as security. However, the company allegedly defaulted again, with several cheques returned unpaid.
Further repayment arrangements made in 2025 also broke down, prompting Petrichor to seek court intervention. The UK court noted evidence suggesting a risk that assets could be moved or concealed, including alleged threats attributed to Bashar regarding disposal of assets.
The judge ruled that there was a strong case of potential asset dissipation and granted a worldwide freezing order to preserve the defendants’ assets pending enforcement of the debt judgment.
