In a dramatic turn of events, a Dubai court has sentenced Nigerian billionaire and oil magnate Abdulrahman Bashar, the owner of Rahamaniyya Group and Ultimate Oil & Gas, to one year in prison for financial misconduct linked to his dealings with CI Energy Company, an international oil and gas firm.
The ruling, delivered on January 30, 2025, marks the second time in less than five years that Mr. Bashar has faced imprisonment for financial crimes. In 2020, a UK court sentenced him to ten months in prison over a separate legal matter.
Court documents obtained by Premium Times reveal that the United Arab Emirates (UAE) prosecution accused Mr. Bashar, 48, of issuing seven cheques totaling 126.45 million dirhams from an account with Emirates Islamic Bank, all of which were returned unpaid due to signature discrepancies.
The prosecution alleged that the billionaire deliberately signed and drafted the cheques in a manner that ensured they could not be cashed, an act deemed fraudulent under UAE financial laws.
During the trial, the court examined key evidence, including:
Statements from Jamal Awad Nasser Hussein, the agent of CI Energy.
Duplicate copies of the dishonored cheques.
Bank account statements showing inconsistencies in the billionaire’s transactions.
In its ruling, the court, presided over by Judge Hussein Hamdi, declared that issuing a cheque without sufficient funds constitutes a criminal offense, regardless of the intent.
> “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,” the court stated.
Despite being duly notified of the proceedings, Mr. Bashar failed to appear in court, further complicating his defense. The court dismissed his legal team’s attempt to discredit the evidence, labeling it a mere ploy to evade punishment.
To expedite justice, the court referred a civil case for compensation—filed by the prosecution—to a competent civil court, as the claims required further investigation.
Who is Abdulrahman Bashar?
Abdulrahman Bashar is a key player in Africa’s oil and gas sector, overseeing a vast business empire spanning multiple continents.
According to his company website, he serves as the Chairman of Ultimate Oil & Gas DMCC and the Managing Director/CEO of Rahamaniyya Group of Companies, Nigeria. His companies specialize in the trading, supply, and distribution of African crude oil and petroleum products, activities that have earned him immense wealth and influence.
Through Rahamaniyya Group, Mr. Bashar has built a diversified business empire with operations in Africa, Europe, South Asia, and the Middle East. His expertise in oil exploration, marketing, and distribution has positioned him as a formidable force in the global energy market.
However, with two criminal convictions within five years, the Nigerian billionaire’s business empire now faces heightened scrutiny, raising serious questions about his financial dealings and corporate ethics.
Once regarded as a leading entrepreneur in Africa’s energy sector, Abdulrahman Bashar’s reputation is now clouded by legal troubles. His latest conviction in Dubai adds to a growing list of controversies surrounding his business operations.
As the civil court prepares to rule on compensation claims, industry watchers are left wondering: Is this the beginning of the end for one of Nigeria’s most influential oil tycoons?
PIONEER NEWS 