An English court has issued a worldwide freezing order against Nigerian businessman Abdulrahman Bashar over an unpaid $40 million debt.
The order was granted by the High Court of Justice in London on March 30 against Mr Bashar and his company, Ultimate Oil and Gas FZCO.
The court barred Bashar and the company from dealing with assets anywhere in the world up to the value of the debt.
Documents before the court showed assets in the United Arab Emirates, Nigeria, the United Kingdom and France valued at about $170 million.
The case followed a dispute with Petrichor Energy FZCO over oil supply contracts between 2022 and 2023. Petrichor said Ultimate received fuel cargoes but failed to complete payment.
In January 2024, Bashar signed a personal agreement to repay the debt and provided nine signed cheques. The cheques were later rejected by his bank.
By February 2025, the court entered judgment against Bashar and his company, with about $40 million still unpaid.
The court said there were concerns about efforts to avoid payment. It cited evidence that properties in the UAE were sold after the judgment without using the proceeds to settle the debt.
It also referred to a phone call in March in which Bashar was said to have told Petrichor’s managing director he would dispose of assets if a repayment plan was rejected.
The court noted that some assets in Nigeria, including petrol stations and a residential property, were not disclosed earlier. It said the case suggested refusal to pay rather than inability to pay.
The dispute has led to enforcement actions in multiple locations. Petrichor has started proceedings in Dubai and Nigeria to recover the debt.
On April 17, the court also ordered two Nigerian firms linked to Bashar – Rahamaniyya Oil and Gas Ltd and Zamson Global Resources Ltd – to allow access to a storage depot in Delta State to recover fuel supplied but not paid for.
The court warned that failure to comply could lead to further legal action.
Abdulrahman Bashar and his company have challenged the freezing order, but the court has not set it aside. The order remains in effect.
