Justice D.E. Osiagor decided that "there is no ongoing ex parte order, as 14 days have passed since the motion was filed challenging it...
Justice D.E. Osiagor decided that "there is no ongoing ex parte order, as 14 days have passed since the motion was filed challenging it."
The Lagos Federal High Court has revoked a Mareva injunction that had frozen the assets of Nestoil Limited, its subsidiary Neconde Energy Limited, and its main promoters concerning an alleged multi-billion-dollar debt default.
Justice D.E. Osiagor from the Lagos court, following the arguments presented by lawyers on Thursday regarding whether the current Mareva orders issued earlier by Justice Deinde Dipeolu of the same court are still in effect, decided that "there is no longer an active ex parte order since 14 days have passed since the motion was filed to challenge it."
As per a court filing obtained by PREMIUM TIMES, the judge also mentioned that "the order having been executed has rendered the arguments of the parties impacted by the ex parte order silent or theoretical."
On 22 October, Mr Dipeolu granted Mareva injunctions targeting Nestoil and Neconde, as well as their main promoters, Ernest Azudialu-Obiejesi and Nnena Obiejesi.
He issued several orders to freeze the defendants' bank accounts and stock holdings in more than twenty financial and other organizations in Nigeria.
They listed Citibank Nigeria Limited, Central Securities and Clearing Systems PLC, Fidelity Bank PLC, Guaranty Trust Bank PLC, Globus Bank Limited, Keystone Bank Limited, Opay Limited, Polaris Bank Limited, Providus Bank Limited, Stanbic IBTC Bank Limited, Standard Chartered Bank Nigeria Limited, Sterling Bank PLC, Titan Trust Bank Limited, Unity Bank PLC, Wema Bank PLC, Gobowen Exploration and Production Limited, Hammako Consortium Limited, Krawcod Properties Limited, Santa Spring Oil and Gas Limited, Marine & Ocean Infinity Nigeria Limited, and White Dove Shipping Co. Ltd.
A legal conflict arose due to a debt allegation made by FBNQuest and First Trustees against Nestoil, Neconde Energy, and their executives.
The plaintiffs claimed that the companies and their promoters were indebted to the tune of over $1.01 billion and ₦430 billion as of 30 September 2025, concerning multiple loan agreements.
Besides freezing Nestoil's assets and those of its subsidiary, the court directed various security agencies, such as the Nigeria Police Force, the Nigerian Navy, and the State Security Service, to offer protection and aid in implementing the takeover.
Mr. Dipeolu also gave permission to Abubakar Sulu-Gambari, who was selected by the plaintiffs as the receiver/manager, to assume control of Nestoil's headquarters situated at 41/42 Akin Adesola Street, Victoria Island, Lagos, and other recognized assets.
The authority granted the receiver/manager the power to assume control over Neconde's holdings in OML 42, which is jointly managed with the Nigerian National Petroleum Company Limited (NNPCL) and its affiliated entities.
The Nigerian Upstream Petroleum Regulatory Commission and NNPCL were also directed to provide the receiver with access to the oil block and assist in overseeing production and revenue distribution.
The order, verified by the court's deputy chief registrar, Longs G. Longwa, and sent to the deputy inspector general of police (operations), instructed the police to support court bailiffs and the designated receiver-manager in implementing the decision.
On 28 October, armed police secured the Lagos headquarters of Nestoil, following an order that permitted First Trustees and FBNQuest Merchant Bank to assume control of the company's assets because of claimed outstanding debts.
Allegations of misconduct
On November 3, Nestoil and Neconde submitted applications to the National Judicial Council and the Chief Judge of the Federal High Court, Justice John Tsoho, asking that the current cases be transferred to a different judge while they are being reviewed.
As per the petitioners, the court granted the receiver/manager extensive authority without providing evidence that Nestoil and Neconde were wasting resources.
They also argued that the judge did not confirm the ownership of the multi-story office building in Victoria Island, which is legally owned by Drawcok Estates Limited, and where the two companies are occupants.
The documents mentioned that certain banks, such as Ecobank Nigeria Limited and United Bank for Africa (UBA), distanced themselves from the lawsuit, appointed their own receivers, and launched individual legal proceedings.
On 7 November, during the hearing, Mr Dipeolu informed the involved parties that a complaint accusing him of wrongdoing had been submitted and sent to the chief judge.
The progress resulted in the suspension of the session.
A legal professional familiar with the issue informed PREMIUM TIMES that the petition was "a part of a complex scheme" aimed at discrediting and removing Justice Dipeolu from the case, supposedly to create an opportunity for a more compliant judge.
As you are aware, Justice Dipeolu is known for his strong stance and honesty," the attorney mentioned. "He issued rulings that conveyed a clear warning to borrowers who have consistently failed to meet their loan commitments over the years. Certain influential individuals are not pleased with this.
As per the information provided, individuals who were dissatisfied with the decision submitted a petition alleging that Mr. Dipeolu showed favoritism and intended to urge the chief judge to transfer the case.
"They are urging the chief judge to leverage his position to transfer the case to a neutral judge who would rescind the current rulings and release Nestoil and Neconde," the source stated.
"The reality is that we lack confidence in Justice Dipeolu," Mr. Azudialu-Obiejesi said to PREMIUM TIMES.
He is prejudiced, and we believe we cannot obtain fairness from him. We have approximately 3,000 employees, but he issued an ex parte order that closed our operations and seized our assets without listening to our perspective or verifying if we actually owe the banks.
On Thursday, Mr. Osiagor postponed the case until November 25 for the motion to join and December 12 for the review of outstanding requests.
Receivership
Meanwhile, Mr Sulu-Gambari has stated that the court's decision to cancel the Mareva order does not impact his control over Nestoil.
In a press release, the receiver/manager informed commercial banks and other relevant parties on Thursday that the court's decision does not impact its receivership over all the businesses, shares, goodwill, equipment, and both movable and immovable assets of Neconde Energy Limited under Oil Mining Lease (OML 42).
"The individual signing this document was appointed as Receiver/Manager under the Deeds of Appointment dated August 19, 2025, which were submitted to the Corporate Affairs Commission (CAC), with the notice appearing on pages 45-46 and 32-33 of the Punch and Guardian Newspapers published on October 29, 2025," Mr Sulu-Gambari stated in the declaration.
"Thus, the undersigned continues as Receiver/Manager," he remarked.
Mr. Sulu-Gambari mentioned that legal remedies are still being sought to the maximum degree allowed by the law with the recent decision.
He cautioned that any interactions with individuals claiming to represent Nestoil or Neconde regarding the assets or issues connected to the companies, including projects, agreements, and obligations within the oil, gas, power, and infrastructure industries, must receive approval from the designated receiver/manager.
Failing to do so renders these transactions unlawful and "may result in legal consequences," he further stated.
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