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Nestoil, Neconde To Remain Under Receivership As Court Adjourns Case After Lawyers’ Tussle

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Banks Place Nestoil Under Receivership Over $1Bn Debt

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

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.

Economy

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

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Lagos Assembly

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.

The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.

Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.

He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.

“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly

Lagos Assembly

“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”

Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.

Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.

He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.

Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.

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Crime

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

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EFCC Probes Man

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC,   on Tuesday, February 3, 2026  arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.

Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC Probes Man

EFCC

Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.

The suspect will be charged to court upon conclusion of investigations.

Dele Oyewale
Head,  Media & Publicity
February 3, 2026

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Economy

Access Bank Gets New Board Chair Ifeyinwa Osime

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National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.

Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.

Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.

Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.

She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.

“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”

Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.

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