The corporate offices of Nestoil Limited in Victoria Island, Lagos, have been repossessed by the receiver following a “restorative injunction” by a court of appeal.
The company had been placed under receivership by a
consortium of lenders over a reported $2 billion debt following a federal high
court order.
However, Nestoil Limited and its sister company, Neconde
Energy Limited, secured another high court injunction asking the receiver to
stay action.
In a motion ex-parte dated and filed on the November 26,
2025, FBN Merchant Bank Ltd and First Trustees Ltd sought the following order
from the court of appeal:
“An order of interim restorative injunction reversing all
steps taken by the Respondents and/or persons purporting to act on the
instructions of the Respondents and which steps or actions were taken pursuant
to the order of the Federal High Court coram Osiagor, J made on the 20th day of
November 2025 pending the hearing and determination of the Appellants’ Motion
on Notice filed on the 26th day of November 2025.
“An order of interim injunction restraining the Respondents,
their agents, servants, affiliates, and privies from interfering with and
interrupting the Receiver/Manager in the performance of his duties pending the
hearing and determination of the Appellants’ Motion on Notice filed on 26th
November 2025.
“An order staying further proceedings at the lower court
pending the hearing and determination of the Appellants’ Motion on Notice filed
on the 26th November 2025.”
The court of appeal sitting in Lagos and presided over by
Yargata Nimpar granted the application and police took over the headquarters of
Nestoil on Monday.
The order, dated November 28, 2025, also fixed hearing of
the motion on notice for December 4, 2025.
THE COURT BATTLES
A federal high court sitting in Lagos had on October 22,
2025 issued an order of Mareva authorising First Trustees and its subsidiary,
FBNQuest Merchant Bank, to take over the company’s assets.
Justice D. I. Dipeolu issued the injunction against the
defendants — Nestoil Limited and its affiliate, Neconde Energy Limited, as well
as Ernest Azudialu-Obiejesi and Nnenna Obiejesi, the principal promoters.
Dipeolu restrained dealings in the sum of $1,012,608,386.91
and N430,014,064,380.77 — the total indebtedness as of September 30, 2025.
There were other debts personally guaranteed by
Azudialu-Obiejesi, with over N366.8 billion, $61.2 million, $152 million, and
N10.4 billion owed to Access Bank, First Bank and Zenith Bank.
However, Nestoil and its principal promoters approach a
federal high court to set aside the order of Mareva which was granted before
the latest development.
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com