The Court of Appeal has rejected the appointment of Wole Olanipekun and Muiz Banire as counsel representing Nestoil and Neconde in the $2 billion debt case filed by FBNQuest Merchant Bank Limited and First Trustees.
In its ruling on Friday, the court held that the powers of
the Ernest Azudialu-Obiejesi-led board of directors to appoint lawyers has been
suspended by the receivership.
The court granted the orders to disqualify and suspend the
senior lawyers and other members of the legal team assembled by
Azudialu-Obiejesi, maintaining that the plaintiff that sued and appointed the
receiver is the entity that can appoint lawyers for the defendants.
The court also struck out all processes filed by the law
firms.
The supreme court had previously asked all parties to return
to the court of appeal to resolve the issue of legal representation and
thereafter report back on January 26, 2026 on other aspects in contention.
The appeal to the apex court was filed by Nestoil, Neconde,
and their promoters, Ernest Obiejesi and Nnenna Obiejesi.
Olanipekun sought to represent Neconde while Banire was to
hold a brief for Nestoil.
Their authority was challenged by Ayo Olorunfemi leading Ame
Ogie for Neconde and Ayoola Ajayi leading MB Ganiyu for Nestoil.
Appearing for Ernest Azudialu-Obiejesi was Chinonye Obiagwu
while Kehinde Ogunyumiju leading Ademola Abimbola and Chikasolu Ojukwu appeared
for Nnenna Obiejesi.
Abubakar Sulu-Gambari is the receiver manager appointed by
FBNQuest Merchant Bank Limited and First Trustees.
They are represented by Babajide Koku, Victor Ogude, and
Omosanya Poopola, leading Toheeb Ipaye, Kamaal Fagbemi, Kehinde Wilkey and
Buchi Ofulue.
Justice D. I. Dipeolu issued the injunction against the
defendants — Nestoil and its affiliate, Neconde Energy, as well as
Azudialu-Obiejesi and Obiejesi.
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 approached a
federal high court to set aside the order of Mareva which was granted before
the latter developments.
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