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A petroleum products supply deal involving commodities trading company Petrichor Energy FZCO and Ultimate Oil & Gas FZCO, a company linked to Nigerian businessman Alhaji Abdulrahman Musa Bashar, has taken a new turn over outstanding payments arising from the transactions.
The transactions, involving supplies of gasoil and Jet A-1 aviation fuel, were conducted between 2022 and 2023 as part of commercial dealings between the two companies.
The parties subsequently differed over financial obligations connected with the transactions, leading to efforts in different jurisdictions to resolve the outstanding amounts and establish a structured payment arrangement.
The dispute has now extended to Nigeria, where steps are being taken to enforce a judgment previously obtained by Petrichor in England.
Records of the proceedings show that the High Court of Justice of England and Wales, on February 14, 2025, entered judgment in favour of Petrichor over outstanding amounts arising from the transactions.
Ultimate Oil & Gas was ordered to pay AED 22.85 million relating to an outstanding amount connected to a new spot cargo, together with interest and costs.
In a separate proceeding involving a personal guarantee, Bashar was ordered to pay AED 122.19 million, alongside interest and costs.
Following the judgment, the parties entered into a payment agreement intended to provide a structured framework for settling the outstanding obligations.
However, efforts to implement the agreement and resolve the outstanding payments subsequently resulted in proceedings in other jurisdictions.
In March 2026, the English High Court granted a worldwide freezing order concerning Bashar and Ultimate Oil & Gas in connection with the outstanding judgment debt.
The matter also came before the Dubai International Financial Centre (DIFC) Courts in proceedings relating to the recognition and enforcement of the English judgments.
In April 2026, the DIFC Court of First Instance declined an application to stay the proceedings after considering arguments concerning an arbitration provision contained in the payment agreement.
In Nigeria, the Federal High Court, Lagos Judicial Division, on February 25, 2026, granted Petrichor permission to register the English judgment for enforcement.
Writs of attachment and sale were subsequently issued on May 15, 2026, covering assets connected to Bashar and, under a separate writ, Bashar and Ultimate Oil & Gas FZCO.
Enforcement officers commenced implementing the orders in Lagos and Abuja on Wednesday, with relevant documents served and displayed at properties linked to the respondents.
The Nigerian orders provide for the attachment and sale of specified assets, as well as the seizure of identified monetary and financial assets, in line with the registered judgment.
Petrichor Energy FZCO and Ultimate Oil & Gas FZCO are both incorporated in the Dubai Multi Commodities Centre.
Bashar is described in the relevant proceedings as the chairman and owner of Ultimate Oil & Gas and the named manager on the company’s trade licence.
The development marks the latest stage in a commercial dispute that began with petroleum product transactions and has since moved across multiple jurisdictions as the parties seek to resolve the outstanding financial obligations.
