Alex Enumah in Abuja
A petroleum trading dispute involving Petrichor Energy FZCO and Ultimate Oil & Gas FZCO has extended to Nigeria, with enforcement proceedings initiated over outstanding obligations arising from transactions between the companies.
The transactions, involving supplies of gasoil and Jet-A1 aviation fuel, took place between 2022 and 2023 as part of commercial dealings between the two companies.
However, the parties later differed over outstanding obligations connected to the transactions, leading to legal proceedings in several jurisdictions over the amounts involved and efforts to establish a framework for their settlement.
The matter subsequently reached Nigeria following a judgment obtained by Petrichor in England.
Records of the proceedings show that the High Court of Justice of England and Wales issued judgment in favour of Petrichor on February 14, 2025, over outstanding amounts arising from the transactions.
Under the judgment, Ultimate Oil & Gas was ordered to pay AED22.85 million relating to an outstanding amount connected to a new spot cargo, together with interest and costs.
Separate proceedings concerning a personal guarantee resulted in an order requiring the chairman and owner of Ultimate Oil & Gas, Alhaji Abdulrahman Musa Bashar to pay AED122.19 million,(United Arab Emirate Dirham) alongside interest and costs.
Following the judgment, the parties entered into a payment agreement intended to provide a structured approach to settling the outstanding obligations.
Subsequent efforts to implement the agreement and address the outstanding amounts resulted in further 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 dispute also came before the Dubai International Financial Centre Courts, which considered 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 in the payment agreement.
In Nigeria, the Federal High Court, Lagos Judicial Division, granted Petrichor permission on February 25, 2026, to register the English judgment for enforcement.
“That an Order is granted registering the said judgment of the High Court of ~ Justice, Business and Property Courts of England and Wales, Commercial Court, – Queen’s Bench Division, together with the Order of Court delivered on 14 February 2025 in Case No: CL-2024-000225.CE Energy DMCC V. Alhaji Abdulrahman Musa Basher as a judgment of this Honourable Court, for purposes of enforcement’ in Nigeria”, Justice D. E. Osiagor had held.
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 later commenced implementing the orders in Lagos and Abuja, with relevant court 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 was 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 dispute, which originated from commercial petroleum transactions between the companies, has consequently progressed through proceedings in England, Dubai and Nigeria as the parties continue to address the outstanding obligations.