An English High Court has imposed a sweeping global asset freeze on Nigerian oil trader Abdulrahman Musa Bashar after he failed to settle a $40 million judgment debt, escalating a high-stakes legal battle that now spans multiple jurisdictions. The order, issued on March 30, restricts Bashar and his UAE-based firm, Ultimate Oil and Gas FZCO, from accessing or moving assets worldwide, following allegations of deliberate attempts to evade repayment obligations.
The ruling stems from a commercial dispute with Petrichor Energy FZCO, which supplied gasoil and Jet-A1 fuel under contracts signed between 2022 and 2023. Court documents reveal that while deliveries were completed, payments were repeatedly delayed or left unsettled. In a bid to resolve the matter, Bashar personally guaranteed the debt in January 2024 and issued nine cheques as security, all of which were later dishonoured, leaving roughly $40 million still outstanding.
The court’s decision was influenced by evidence suggesting a pattern of asset concealment and evasion. Shortly after the judgment, Bashar reportedly sold UAE properties worth about $3.8 million without applying proceeds to the debt. More critically, testimony indicated he threatened to dispose of assets to frustrate enforcement efforts. The court also flagged incomplete asset disclosures, including undeclared Nigerian holdings such as petrol stations and a high-value residential property, reinforcing concerns about transparency.
This is not Bashar’s first legal setback. In 2020, the High Court of England and Wales sentenced him to prison for contempt in a separate dispute involving Sahara Energy Resources. More recently, a Dubai court convicted him in absentia over invalid cheques linked to another energy dispute. Legal analysts say such recurring issues highlight risks in oil trading, particularly where transactions rely heavily on trust and unsecured credit arrangements.
With the asset freeze now active, Petrichor has intensified enforcement efforts across the United Arab Emirates, Nigeria, and the United Kingdom, aiming to block any potential movement of funds. The court has also ordered Bashar’s affiliated companies to grant access to a Delta State storage facility for recovery of unpaid cargoes. Legal experts warn that failure to comply could trigger contempt proceedings and possible criminal liability, signaling a deepening legal crisis for the embattled oil trader.