How Petroleum Debt Dispute Led to Enforcement Proceedings in Nigeria

A dispute between Petrichor Energy FZCO and Ultimate Oil & Gas FZCO over petroleum trading has led to enforcement proceedings in Nigeria. The disagreement arose from transactions involving gasoil and Jet-A1 aviation fuel between 2022 and 2023. After differing on outstanding obligations, legal proceedings emerged in several jurisdictions, including England, Dubai, and Nigeria.

In February 2025, the High Court of Justice of England and Wales ruled in favor of Petrichor, ordering Ultimate Oil & Gas to pay AED22.85 million, including interest and costs. A separate claim against Ultimate Oil & Gas's chairman and owner, Alhaji Abdulrahman Musa Bashar, resulted in a demand for AED122.19 million, plus interest and costs.

Following the judgment, a payment agreement was established, but ongoing efforts to settle the debts led to further legal actions. In March 2026, the English High Court issued a worldwide freezing order against Bashar and Ultimate Oil & Gas in connection with the outstanding debt. The Dubai International Financial Centre Courts also heard proceedings regarding the recognition and enforcement of the English judgments.

In Nigeria, the Federal High Court granted Petrichor permission to register the English judgment for enforcement, allowing writs of attachment and sale to be issued. Enforcement officers began implementing the orders in Lagos and Abuja, seizing assets and financial holdings. Both companies are incorporated in Dubai, with Bashar serving as the company's chairman and owner.

The case began as a commercial petroleum transaction disagreement but has since expanded through legal proceedings in multiple countries.