COURT BEGINS RECOVERY OF ASSETS OVER $40M OIL DEBT

A Federal High Court in Lagos has begun enforcement proceedings against properties linked to the chairman of Rahamaniyya Group of Companies, Abdulrahman Musa Bashar, over an approximately $40m debt owed to Petrichor Energy FZCO.

The enforcement exercise began in Lagos and Abuja on Wednesday, following a February 2026 court order allowing Petrichor to register a judgment of the High Court of Justice of England and Wales for enforcement in Nigeria.

The Nigerian court subsequently issued writs of attachment and sale against assets belonging to Bashar and Ultimate Oil & Gas FZCO.

The dispute arose from petroleum product transactions between Petrichor and Ultimate Oil & Gas between 2022 and 2023. Petrichor supplied gasoil and Jet-A1 aviation fuel, with about $40m reportedly remaining unpaid.

Enforcement officers visited properties connected to the respondents and served court documents at some locations.

However, Bashar’s lawyer, Mohammed Sheriff, challenged the action at a property in Abuja, arguing that the required court documents had not been properly served.

The lawyer also said negotiations toward a settlement were ongoing and claimed that Bashar had recently paid N1bn.

The enforcement follows legal proceedings that have taken place in Nigeria, England, Dubai and the United Arab Emirates.