UK court freezes $170m assets across four countries after alleged evasion and unpaid oil deals:
UK Court Freezes Assets of Nigerian Oil Trader
A UK High Court has frozen the global assets of Nigerian oil trader Abdulrahman Musa Bashar after he failed to pay a $40 million debt. The court also restricted his trading company, Ultimate Oil and Gas FZCO, from moving assets worldwide.
The order covers assets in the UAE, Nigeria, the UK, and France. It places about $170 million worth of disclosed holdings under legal restriction.
Court Acts Over Alleged Asset Evasion
The court issued the worldwide freezing order on March 30. It acted after finding signs of asset movement, incomplete disclosure, and possible evasion.
Judges said Bashar risked moving his wealth away from creditors. They also noted concerns over transparency in his financial records.
Oil Deals Trigger Legal Dispute
The case started from oil trading contracts signed between 2022 and 2023. Dubai-based Petrichor Energy supplied gasoil and aviation fuel to Ultimate Oil and Gas.
Court records show the company received the cargoes but failed to pay in full. The unpaid balance later grew into a $40 million debt.
Personal Guarantee Fails
Bashar signed a personal repayment agreement in January 2024. He also issued nine signed cheques as security for the debt.
However, none of the cheques cleared. His bank rejected all payments. The debt remained unpaid.
Court Finds Risk of Asset Dissipation
In March 2025, evidence showed Bashar sold UAE properties worth $3.8 million after judgment. He did not use the money to reduce the debt.
The court also considered a recorded call where he allegedly warned creditors he would move assets if repayment pressure continued.
Judges said the behaviour showed a risk of asset dissipation.
Undisclosed Wealth Raises Concerns
Court filings suggest Bashar may have hidden assets. These include Nigerian petrol stations and property worth over $21 million.
Judges said the missing disclosures raised serious doubts about full transparency.
One judge concluded that Bashar “will not pay, rather than cannot pay.”
Previous Court Convictions Surface
Bashar has faced legal trouble before. In 2020, a UK court sentenced him to prison for contempt in a separate oil supply dispute.
In 2025, a Dubai court also convicted him over invalid cheques linked to another energy deal, sentencing him to one year in prison.
Legal Experts Highlight Risk in Oil Trade
Energy law experts say oil trading often relies on trust. They warn that weak credit controls increase default risks.
They also stress that storage-linked deals can create enforcement challenges when buyers control logistics facilities.
Global Enforcement Efforts Intensify
Petrichor has launched enforcement actions in the UK, Dubai, and Nigeria. The company aims to block any attempt to move or hide assets.
The UK court also ordered access to a storage facility in Delta State to recover unpaid cargo.
Case Remains Ongoing
Bashar and his company have challenged the freezing order. However, the court has kept the restrictions in place.
The legal battle now spans multiple jurisdictions, with enforcement actions continuing across three countries.
