Economy
Nestoil, Neconde To Remain Under Receivership As Court Adjourns Case After Lawyers’ Tussle
Nestoil, Neconde To Remain Under Receivership As Court Adjourns Case After Lawyers’ Tussle
Nestoil, Neconde to remain under receivership as court adjourns case after lawyers’ tussle. A disagreement over authorised legal representatives of respondents has stalled proceedings at the court of appeal in Lagos in the suit filed by FBN Merchant Bank Ltd and First Trustees Ltd against a ruling of a federal high court.
On Thursday, Yargata Nimpara, presiding judge at the court, held that the issue of legal representation of Nestoil Limited and Neconde Energy Limited (the respondents) must be resolved before the court could hear the matter.
As a result, In effect, the accounts of Nestoil, Neconde, Ernest Azudialu-Obiejesi and Nnenna Obiejesi remain frozen while Nestoil/Neconde’s 45 percent interest in OML 42 JV remain under Receivership.
Nestoil was placed under receivership by a consortium of lenders over an alleged debt of $1.01 billion and N430 billion following an order of a federal high court.
However, Nestoil, its affiliate, Neconde Energy, and their promoters — Ernest Azudialu-Obiejesi and Nnenna Obiejesi — obtained another high court injunction directing the receiver to suspend further action.
The receiver retook possession of the property after the court of appeal granted a “restorative injunction” in an ex-parte application filed by FBN Merchant Bank and First Trustees.
The court scheduled the hearing of the motion on notice for December 4, 2025.
At the hearing on Thursday, confusion broke out after the court directed counsel to announce their appearances.
Ayoola Ajayi, senior advocate of Nigeria (SAN), announced appearance for the first respondent (Nestoil Limited), while Ayo Olorunfemi, SAN, announced appearance for the second respondent (Neconde Energy Limited).
In addition, Muiz Banire, SAN, and Wole Olanipekun, SAN — who represented Nestoil and Neconde respectively at the lower court — also announced appearances for both firms.
On the other hand, Babajide Koku, SAN, appeared for the appellants alongside Kunle Ogunba, SAN.
Speaking on the matter, Ajayi argued that it was evident there was a dispute over who was authorised to represent both firms, urging the court to address the issue and provide direction on the appropriate counsel for each party.
In response, Banire maintained that his representation was not in question and that he remained counsel of record from the lower court.
On his part, Olanipekun argued that since the court had not heard any application challenging his representation, he remained the recognised counsel for the second respondent.
He added that he had not been served with any application questioning his role.
Addressing the situation, Nimpar expressed dissatisfaction, asking both parties to resolve the issue before the next hearing.
“There is an obvious conflict regarding the applications for change of counsel filed on behalf of the first and second respondents,” she said.
“Those applications must be taken first to resolve the issue of legal representation before the court can proceed with any other application. The applications, which are not yet ripe for hearing, have now been filed.”
She, therefore, adjourned the case to January 15, 2026.
Banks Place Nestoil Under Receivership Over $1Bn Debt
LEGAL SHOWDOWN
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, to take over the company’s assets.
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 approach a federal high court to set aside the order of Mareva which was granted before the latest development.
Eid-el-Fitr: NRC Sets To Run Three Lagos–Ibadan Train Trips Monday
Eid-el-Fitr: NRC sets to run three Lagos–Ibadan train trips Monday. He assured passengers of NRC’s continued commitment to safe, reliable, and efficient rail services.
This was contained in a statement issued on Friday in Lagos by NRC chief public relations officer, Callistus Unyimadu.
He said the additional trip was in response to high passenger turnout during the Eid-el-Fitr travel period.
“The extra trip is aimed at easing passenger movement and providing more travel options for commuters returning after the Eid-el-Fitr celebrations.
“Under the schedule, departures from Lagos (Mobolaji Johnson Station, Ebute Metta) will be at 7.45 a.m., 1.40 p.m., and 4.00 p.m.
“From Ibadan (Obafemi Awolowo Station, Moniya), trains will depart at 8.00 a.m., 10.50 a.m., and 4.30 p.m.,” he said.
Mr Unyimadu assured passengers of NRC’s continued commitment to safe, reliable, and efficient rail services.
NRC Sets To Run Three Lagos–Ibadan Train Trips Monday
He advised travellers to arrive early, comply with ticketing and security procedures, and plan their journeys.
“The corporation appreciates the continued patronage of its services and wishes all passengers a safe and pleasant journey,” he added.
UBA, BII Sign Letter Of Intent To Explore Trade Finance Collaboration Across Africa
United Bank for Africa (UK) Limited (“UBA UK”) and British International Investment plc (“BII”), the UK’s development finance institution and impact investor, announced that they have signed a letter of intent to develop trade finance collaboration opportunities.
The proposed initiative aims to expand access to trade and working capital facilities for businesses operating across Africa.
Access to trade finance remains one of the most significant structural constraints on African trade. Businesses, particularly small and medium-sized enterprises, are frequently unable to secure letters of credit, guarantees, and supply chain finance on commercially viable terms, limiting their capacity to export and import competitively. This trade finance gap is estimated by the African Development Bank to be over USD 80 billion annually.
To help close this gap, UBA UK, the London subsidiary of UBA Group, Africa’s Global Bank, will leverage its deep relationships across the Group’s 20-country African network to originate and structure trade finance transactions. While BII, with a mandate to support productive, sustainable, and inclusive growth across Africa, can support transactions that might otherwise fall outside conventional commercial appetite.
“The signing of this letter with BII represents a landmark moment for UBA UK and for the UBA Group’s global ambitions. As the Group’s hub for Trade Operations, UBA UK is uniquely positioned to connect African businesses with the international financial system. Working alongside BII, we can extend that capability further — mobilising capital where it matters most and helping to close the trade finance gap that holds back so much African potential,” said Lok Mishra, Chief Executive Officer, UBA UK
“British International Investment is committed to catalysing private sector growth across Africa, and trade finance is a critical enabler of that growth. We welcome the opportunity to collaborate with UBA Group, whose pan-African network and deep institutional relationships can help advance our ambition to expand access to trade and working capital finance, particularly in frontier markets,” Chris Chijiuitomi, Managing Director and Head of Africa
The announcement builds on growing momentum around intra-African trade facilitated by the African Continental Free Trade Area (AfCFTA), which entered into force in 2021 and represents one of the world’s most significant trade integration initiatives. Both institutions have identified the operationalisation of AfCFTA as a priority catalyst for a trade finance facility, with UBA UK’s network across major AfCFTA economies offering a basis for supporting businesses navigating the emerging continental market.
This also complements the UK Government’s broader engagement with African economic development, including commitments made at the UK-Africa Investment Summit, and reinforces the City of London’s role as a leading international finance centre for Africa-focused capital mobilisation.
Future cooperation remains subject to further assessment, due diligence and the completion of internal approvals by both parties.
ABOUT UNITED BANK FOR AFRICA (UK) LIMITED
UBA UK is the London-based subsidiary of United Bank for Africa Plc, one of Africa’s leading financial institutions with operations across 20 African countries, the United Kingdom, the United States of America, France, and the United Arab Emirates. UBA UK serves as the Group’s hub for Trade Operations, providing a comprehensive suite of trade finance, treasury, and correspondent banking services to institutional and corporate clients worldwide.
UBA
ABOUT UNITED BANK FOR AFRICA GROUP
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.
ABOUT BRITISH INTERNATIONAL INVESTMENT
British International Investment is the UK’s development finance institution and impact investor. The organisation invests in businesses in developing countries to improve people’s lives and help protect the planet. BII’s work targets the underlying causes of poverty and the climate crisis, helping countries break free from aid dependency for good.
Between 2022-2026, at least 30 per cent of BII’s total new commitments by value will be in climate finance. BII is also a founding member of the 2X Challenge which has raised over $33.6 billion to empower women’s economic development.
The company has investments in over 1,600 businesses across 66 countries and total net assets of £9.87 billion. For more information, visit: www.bii.co.uk | watch here. Follow British International Investment on LinkedIn, Bluesky and X.
Eid-el-Fitr: President Tinubu Felicitates Muslims, Urges Renewed Unity, Patriotism
Eid-el-Fitr: President Tinubu felicitates Muslims, urges renewed unity, patriotism. Mr Tinubu called on Muslims to reflect on the spiritual lessons of Ramadan.
The president urged them to renew commitment to national unity, peaceful coexistence, and service to humanity as they celebrate the festival across the country on Friday.
This is contained in a statement issued by presidential spokesperson, Bayo Onanuga, on Thursday in Abuja.
Mr Tinubu called on Muslims to reflect on the spiritual lessons of Ramadan, noting that the holy month teaches discipline, sacrifice, compassion, and devotion to God and humanity.
He said: “We have a lot to draw from the noble lessons of Ramadan, especially at a time like this.
“We must continue to abide by the virtues of piety, selflessness, perseverance, kindness and compassion beyond this period.”
The president emphasised the need for Nigerians to remain united across religious and ethnic lines, stressing that national cohesion remains vital for sustainable peace and development.
He urged Muslims to extend acts of kindness and charity to the less privileged, irrespective of religious or ethnic background, in line with the enduring values of Islam.
Mr Tinubu noted that such gestures would strengthen social bonds, promote inclusiveness, and reinforce the spirit of brotherhood that defines the Nigerian society.
The president also called on religious leaders to use the occasion to offer prayers for peace, stability, and economic prosperity across the country.
Tinubu
He expressed optimism that with collective efforts, Nigeria would overcome its challenges and achieve lasting progress for the benefit of all citizens.
Mr Tinubu wished Muslims a joyous celebration, praying that the blessings of Ramadan would bring renewed hope, strength, and guidance to individuals, families, and the nation.
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