A Dubai court has sentenced Nigerian billionaire Abdulrahman Bashar, owner of Rahamaniyya Group and Ultimate Oil & Gas, to one year in prison for financial crime involving CI Energy Company, an oil and gas firm. This marks the second time in less than five years that Mr. Bashar has faced imprisonment, following a ten-month sentence by a UK court in 2020.
According to court documents seen by PREMIUM TIMES, the United Arab Emirates (UAE) court delivered its verdict on January 30, 2025, in Mr. Bashar’s absence, despite prior notification. The 48-year-old businessman was charged with issuing seven cheques totaling 126.45 million dirhams from an Emirates Islamic Bank account. These cheques were dishonored due to signature discrepancies.
Prosecutors argued that Mr. Bashar deliberately signed the cheques in a manner that prevented their cashing, requesting the court to impose penalties under UAE financial laws. The court, led by Judge Hussein Hamdi, stated, “It is established that the crime of issuing a cheque is realized merely by giving the cheque to the beneficiary knowing that there is no balance available for withdrawal.”
Evidence presented included statements from Jamal Awad Nasser Hussein, an agent of CI Energy, along with cheque duplicates and bank statements. The court concluded that the allegations were sufficiently proven, leading to Mr. Bashar’s conviction. To expedite proceedings, a related civil compensation case was referred to a separate civil court for further investigation.
In February 2020, the High Court of England and Wales sentenced Mr. Bashar to ten months in prison for disobeying multiple court orders in a case involving Sahara Energy Resources. Justice Butcher, who delivered the verdict, noted that Mr. Bashar had committed ongoing breaches of orders issued in August and September 2019.
These orders required Rahamaniyya Oil & Gas to supply 6,400.49 metric tonnes of gas oil to Sahara Energy or its agent. However, Mr. Bashar failed to comply, preventing the release of the gas oil from the terminal. The court indicated that his jail term could be reduced to six months if he eventually obeyed the order. Additionally, Rahamaniyya Group was fined £500,000, while its manager, Adebowale Aderemi, was fined £10,000.
Abdulrahman Bashar serves as the chairman of Ultimate Oil & Gas DMCC and the managing director and CEO of Rahamaniyya Group of Companies, Nigeria. His businesses are involved in the trading, supply, and distribution of African crude oil and petroleum products across Africa, Europe, South Asia, and the Middle East.
According to his company’s website, “Through Rahamaniyya Group, Alhaji Abdulrahman Bashar directs a diversified conglomerate across various sectors, leveraging his experience in oil and gas exploration, petroleum marketing, and haulage.”
With his latest conviction in Dubai, Mr. Bashar’s business reputation faces another significant setback.
This development has raised concerns within the Nigerian business community, particularly regarding corporate governance and ethical practices. As a prominent figure in Nigeria’s oil and gas sector, Mr. Bashar’s legal troubles underscore the importance of financial integrity and adherence to international regulations.
Abdulrahman Bashar’s sentencing in Dubai marks a notable chapter in the ongoing narrative of financial accountability within the global business environment. As legal systems worldwide continue to clamp down on financial misconduct, business leaders are reminded of the critical importance of maintaining ethical standards and complying with legal requirements in all jurisdictions where they operate.
This case serves as a cautionary tale for entrepreneurs and executives, highlighting the potential legal and reputational consequences of financial crime. The Nigerian business community, in particular, may view this as an impetus to strengthen corporate governance and foster a culture of integrity.
The broader implications for international business practices cannot be understated, as this case underscores the universal principle that financial crime carry significant penalties, regardless of one’s status or location.
Abdulrahman Bashar’s legal troubles in Dubai and the UK highlight the critical importance of financial integrity and adherence to legal obligations in the global business arena. The Nigerian business community, and indeed businesses worldwide, may take this opportunity to reinforce their commitment to ethical practices and robust compliance mechanisms to mitigate the risk of similar issues arising in the future.
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