Nigerian Concord Newspaper
Today, a Federal High Court in Lagos State vacated the sweeping ex parte order previously obtained by FBN Quest Merchant Bank and First Trustees Limited against Nestoil Limited and Neconde Energy Limited.
The Court’s decision was anchored on the principle that ex parte orders are intended solely to preserve the subject matter of litigation for a limited period, not to be held in perpetuity.
Meanwhile, attempts by the FBN entities to have the Court stay further proceedings while keeping the ex parte order in place were found to be inconsistent with this principle.
Recall that the ex parte order had originally been obtained by the FBN entities through suppression of material facts and without the knowledge or participation of Nestoil and Neconde.
But with the vacation of the order, Nestoil and Neconde have now been restored to full control of their affairs.
Also with the vacation of al the Orders, Nestoil and Neconde remain firmly committed to transparency, lawful business practices, and the highest standards of corporate governance. Both companies will continue to focus on delivering value to their stakeholders and contributing positively to Nigeria’s energy sector.
Recall that in a major legal victory for Nestoil Limited and its affiliates, the Federal High Court in Lagos today vacated the Mareva injunction that had frozen the company’s assets and those of its directors over an alleged $1 billion debt claim.
Justice Daniel Osiagor issued the order after the Chief Judge of the Federal High Court transferred the case from Justice Dehinde Dipeolu to his court.
Justice Dipeolu had, on October 22, 2025, granted a far-reaching Mareva injunction restraining Nestoil, its affiliate Neconde Energy Limited, and principal promoters—Ernest Azudialu-Obiejesi and Nnenna Obiejesi—from tampering with their funds, shares, and other assets in over 20 financial institutions.
The order also empowered First Trustees Limited and FBNQuest Merchant Bank Limited, acting for a consortium of creditor banks, to take possession of Nestoil’s assets under receivership.
With Justice Osiagor’s ruling, the sweeping asset freeze has now been lifted.