Court Orders Seizure of Oil Trader's Assets in $40 Million Debt Dispute
Nigerian federal high court enforcement officers seized assets linked to Abdulrahman Bashar, chairman of the Rahamaniyya Group, in Lagos and Abuja.
In Brief
- •Nigerian federal high court enforcement officers seized assets linked to Abdulrahman Bashar, chairman of the Rahamaniyya Group, in Lagos and Abuja.
- •The action follows a February 25 order granting Petrichor Energy FZCO leave to register a judgment from the High Court of Justice of England and Wales.
- •The Lagos court issued writs of attachment and sale on May 15, directing the Sheriff to levy the debt by seizing goods, chattels, and specified financial assets.
- •The dispute involves unpaid fuel cargoes totaling approximately $40 million, with parallel litigation and arbitration ongoing.
- •A worldwide freezing order was granted on March 30, covering assets across Nigeria, the United Arab Emirates, the United Kingdom, and France.
Why It Matters
This case highlights the complexities and challenges of international debt recovery, particularly in the energy sector. The seizure of assets and the worldwide freezing order demonstrate the legal and financial measures taken to recover a significant sum of money. The case also underscores the interconnectedness of legal proceedings across multiple jurisdictions, which can complicate the recovery process. For businesses and individuals involved in international trade, this case serves as a cautionary tale about the importance of timely payments and the potential legal consequences of non-payment.
Key Details
- Total Debt
- $40 million
- Date of Lagos Court Order
- February 25
- Date of Writs Issued
- May 15
- Date of Freezing Order
- March 30
- Jurisdictions Involved
- Nigeria, United Arab Emirates, United Kingdom, France
Context & Background
The dispute arises from unpaid fuel cargoes supplied by Petrichor Energy FZCO to Ultimate Oil & Gas FZCO, the Dubai-registered trading arm of Rahamaniyya Group, between 2022 and 2023. The case involves parallel litigation and arbitration, with a personal settlement agreement signed by Abdulrahman Bashar in January 2024.
Original Reporting & Sources
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