Nigerian Concord Newspaper
Facts have emerged on how the current Chairman of First Bank Holding, Mr. Femi Otedola is secretly planning to use the FBNQuest Merchant Bank Limited to take over the OML 42 belonging to the Chairman of Nestoil, Dr. Ernest Azudialu-Obiejesi
According to an independent investigation by Nigerian Concord Newspaper, Mr. Otedola has concluded plans to hide under the loan issue between Nestoil and FBNQuest to retrieve the Oil Block which he has desired alongside other people that are in petroleum industry including Dr. Ernest Azudialu-Obiejesi.
It was gathered that the quest of Otedola to take over Nestoil/Neconde’s interest in OML 42 is why he instructed, Mr. Sulu Gambari, the illegal Receiver Manager whose appointment’s judicial recognition was even refused by Justice Isaac Dipeolu before the case was transferred to another judge and the entire ex parte orders set side. In spite of these, the illegal Receiver Manager and his cohorts have continued to cause mischief and misled the business community that Nestoil still remains under a Receivership despite a vacating Order against him last week by Justice Daniel Osiagor of the Federal High Court Ikoyi Lagos State.
OML 42 is a major onshore oil and gas block in the Niger Delta, Nigeria, operated by a joint venture between the Nigerian National Petroleum Corporation (NNPC) subsidiary NPDC and Neconde Energy.
It contains seven producing fields and five undeveloped discoveries, with a history of production starting in 1969 and experiencing shutdowns due to security issues, most recently from 2005 to 2011. The asset has significant potential, and its production has been ramped up in recent years by Neconde.
Reports by this newspaper stated that it’s not because the Chairman of Nestoil, Dr. Ernest Azudialu-Obiejesi has defaulted that the issue of Receivership came in. Otedola simply wants to take over the OML 42.
A renowned Petroleum dealer in Lagos State who doesn’t want to be mentioned told this newspaper that: “Sometimes ago, the issue of take over of OML 42 came up, and everybody in the petroleum industry wanted the Oil Block including my friend, Femi Otedola who is now the chairman of First Bank Holding. He desperately wanted the Oil Block that he did all sorts of manipulation but at last and for some reasons, Dr. Ernest Azudialu-Obiejesi of Nestoil was able to get it.
“Even before Otedola became chairman of first bank, everyone that had been chairman didn’t bother to take over the Oil Block from Nestoil, and the relationship between the lenders and Nestoil was moving on fine.
“But since Otedola has become chairman of First Bank Holding, he has been looking for a way to use FBNQuest Merchant Bank Limited to take over the Oil Block from Nestoil, and that is why he is cunningly using the issue of the debt to take over the OML 42.
“The issue Nestoil is facing with FBNQuest today has nothing to do with the debt. It is because Otedola wants to take over the Oil Block that belongs to Dr. Ernest Azudialu-Obiejesi. He is just hiding under the issue of debt by using the court to illegally appoint a Receiver Manager so he could take full control of the Oil Block”
Also, an insider within the FBNQuest who spoke under the condition of anonymity told this newspaper that Femi Otedola just wants to use First Bank to arm twist the Chairman of Nestoil in order to take over the Oil Block.
According to findings, Femi Otedola has used his power as the Chairman of First Bank Holding to deny Nestoil of some of its demand. Part of the the demands is the issue of Bank Statements.
It was uncovered that plot by Otedola to fraudulently take over the OML 42 was why FBNQuest failed to provide statements of account as demanded by Nestoil for over three years despite repeated written requests. The demand is still being denied despite that Nestoil is insisting that only a forensic reconciliation could determine the true financial position.
Recall that Nestoil had alleged that the plaintiffs’ claims were inflated with illegal and excessive charges and argued that Nestoil Towers, a major landmark on Akin Adesola Street, Victoria Island, is an immovable and secure property, making the drastic order unnecessary.
The issue of receivership is fake because the application to determine weither Nestoil has defaulted is still pending and not yet treated by the court.
According to court documents at the disposal of Nigerian Concord Newspaper, Nestoil has not been on receivership. However, the plaintiffs only filed an application to court and Justice Dipeolu refused Order 3 to recognize the appointment of a Receivership so there is no valid appointment of a receivership.
“Femi Otedola is just trying to use First Bank to collect the oil block from Nestoil/Neconde because the originating summon is weither they had defaulted and a Receivership to be appointed, and the case is not yet determined so how can Nestoil be on receivership. The originating summon is still pending so their claim on the issue of a Receivership is illegal” a credible Judiciary official told this newspaper..