The Court of Appeal in Lagos has temporarily barred Nestoil and Neconde from interfering with a receivership over their assets.
The ex parte order, delivered by Justice Yargabta Nimpa on November 27, 2025, followed an urgent motion by FBNQuest Merchant Bank and First Trustees.
The banks sought to reverse a Federal High Court decision lifting a Mareva injunction on Nestoil’s properties amid alleged asset dissipation.
Plaintiffs’ counsel Babajide Okun SAN requested an interim injunction to restrain the respondents, their agents, and affiliates from disrupting the receiver’s duties.
The court granted the order, holding it subsisting until the motion on notice is determined. Hearing is scheduled for December 4, 2025.
The motion on notice, filed November 26, argued that the Federal High Court’s reversal could prejudice the banks’ $1.01 billion recovery effort.
FBNQuest claims Nestoil owes N430 billion and $1.012 billion, with interest, to a consortium including Access Bank, Zenith, Ecobank, and UBA.
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FirstTrust official Babatunde Adewolu said Nestoil founders Ernest and Nnenna Azudialu-Obiejesi used shell companies to hide and dissipate assets.
The dispute began with a Mareva injunction on October 22, 2025, freezing Nestoil’s assets and appointing Abubakar Sulu-Gambari SAN as receiver.
Security agencies, including police and navy, enforced the order, sealing Nestoil’s Victoria Island headquarters in late October.
The case was reassigned to Justice Osiagor after Nestoil Chairman petitioned the Chief Justice alleging bias by the original judge.
Nestoil continues to challenge the receivership and denies the alleged debt in Federal High Court, Abuja.
This litigation involves liabilities exceeding N1 trillion in naira and dollars, marking it as one of Nigeria’s largest corporate debt disputes.
The outcome could set precedent for high-value debt enforcement between Nigerian banks and corporate debtors.
