Court officials on Wednesday, September 23, commenced enforcement proceedings against properties linked to the Chairman of Rahamaniyya Group of Companies, Alhaji Abdulrahman Musa Bashar, over an approximately $40 million debt owed to Petrichor Energy FZCO. The operation was carried out in Lagos and Abuja following 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.
Enforcement Proceedings and Legal Challenge
The Nigerian court subsequently issued writs of attachment and sale dated May 15, directing the seizure and sale of assets belonging to Bashar and, under a separate writ, Bashar and Ultimate Oil & Gas FZCO. The enforcement was resisted at one of the properties located on Logone Close, Maitama, Abuja, where Bashar’s counsel, Mohammed Sheriff, challenged the court officials.
Sheriff faulted the officials for failing to produce what he described as the appropriate Nigerian court documents authorising the seizure of the property. He argued that following the registration of the English judgment in Nigeria, Bashar ought to have been served with a motion on notice and given 14 days to respond or seek to set aside the judgment.
“This is an order of court that you have gotten from a foreign country. I believe the judge doesn’t know that you are doing this. I am sure. Because after this registration of the judgment, there has to be Motion on Notice to serve them, that this is the position of the Nigerian court, now you come and respond,” he said.
Lawyer Claims Settlement Negotiations
The lawyer also said the parties were negotiating a settlement, claiming that Bashar had paid N1 billion the previous week. “We are aware, and they are settling. Even last week, they paid N1 billion naira, just last week. So we cannot be expecting this, after all, you have not served us the necessary papers,” Sheriff said.
The situation became tense when associates of Bashar attempted to drive several vehicles out of the compound, including Toyota Highlander SUVs, a Mercedes-Benz C-Class and a Range Rover Sport. Police subsequently locked the gates, although the vehicles were later observed leaving the compound at high speed.
Background of the Dispute
The enforcement action is the latest development in a dispute arising from petroleum product transactions between Petrichor, formerly known as CE Energy DMCC, and Ultimate Oil & Gas between 2022 and 2023. Petrichor supplied gasoil and Jet-A1 aviation fuel to Ultimate Oil & Gas, but the company allegedly failed to make full and timely payments, leaving about $40 million outstanding.
The dispute subsequently progressed through arbitration and court proceedings in Dubai, London and the United Arab Emirates. In February 2025, the English High Court entered judgment against Bashar personally under a guarantee and against Ultimate Oil & Gas, with the combined liability subsequently put at about $40.2 million.
Payment Default and Asset Identification
A structured payment agreement was reached in April 2025. However, the English court later noted that Ultimate Oil & Gas defaulted on instalments despite extensions. By January 2026, the company was expected to have paid 45.7 million dirhams but had paid only 8.7 million dirhams, leaving a shortfall of 37 million dirhams.
The court also considered evidence relating to property sales and other asset transactions before granting a worldwide freezing order in March 2026 against Bashar and Ultimate Oil & Gas. The order covered about $40 million in assets across Nigeria, the United Arab Emirates, the United Kingdom and France, restricting the defendants from disposing of or dealing with assets within its scope.
Among the assets identified in the proceedings was a Nigerian property valued at about $21.3 million. The proceedings also concerned gasoil and Jet-A1 cargoes stored at Rahamaniyya depots in Lagos and Koko, which Petrichor sought to use towards recovery of the judgment debt. The Nigerian enforcement proceedings now represent the latest stage of Petrichor’s efforts to recover the judgment debt.
