The Receiver/Manager of Nestoil Limited and Neconde Energy Limited has dismissed claims published in an online editorial by The Guardian Newspaper alleging that court orders obtained against the companies had expired and were being unlawfully enforced.
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Abubakar Sulu-Gambari, SAN, who was appointed Receiver/Manager over the companies, stated this in a rejoinder to the editorial titled “Enforcement of expired ex parte orders against Nestoil, Neconde unlawful” seen by Nairametrics.
According to him, the editorial referenced ex parte orders granted by the Federal High Court on October 22, 2025, in Suit No. FHC/L/CS/2127/2025, and claimed the orders had lapsed under the provisions of the Federal High Court (Civil Procedure) Rules, 2019.
However, the Receiver/Manager argued that the cited rules remain subject to the direction of the court and maintained that the orders are still valid and subsisting.
What they are saying
Sulu-Gambari explained that proceedings in the matter were suspended following a petition filed by some of the defendants against the presiding judge, in compliance with a directive issued by the Chief Judge of the Federal High Court pending the resolution of the petition.
According to the Receiver/Manager, the halt in proceedings effectively means the October 22, 2025 court orders remain in force.
He also denied allegations contained in the editorial that the Receiver/Manager took possession of the companies’ headquarters in Victoria Island and attempted to disrupt crude oil production and export operations in Oil Mining Lease (OML) 42.
It described the allegations as false, unfounded, and potentially defamatory.
- “Be that as it may, the undersigned was appointed Receiver/Manager over the companies pursuant to the Deeds of Appointment dated August 19, 2025, notification of which was made at pages 45-46 and 32-33 of the Punch and Guardian Newspapers of October 29, 2025.
- “It is pertinent to note that the said Order of the Federal High Court (Civil Procedure) Rules which the editorial is purportedly based upon is clearly subject to the direction of the Court as noted by the writer,” Sulu-Gambari said.
He warned members of the public against engaging in any transactions or dealings involving the companies without the knowledge or express authorisation of the appointed Receiver/Manager.
According to him, any persons purporting to act on behalf of Nestoil or Neconde in relation to projects, contracts, and commitments in the oil, gas, power, and infrastructure sectors without approval from the Receiver/Manager would be acting illegally and could face legal consequences.
The Receiver/Manager also advised the public not to rely on legal interpretations contained in anonymous online editorials and encouraged interested parties to seek clarification directly from his office.
What you should know
The controversy over Nestoil and Neconde stems from a Mareva injunction issued on 22 October 2025 by Justice Dipeolu, which froze Nestoil’s assets, bank accounts, and shares across more than 20 Nigerian financial institutions.
The order was obtained by FBNQuest Merchant Bank Limited and First Trustees Limited, both subsidiaries of First Bank of Nigeria Limited, over an alleged debt of $1.01 billion and N430 billion owed by Nestoil, its affiliate Neconde Energy Limited, and their promoters, Ernest and Nnenna Azudialu-Obiejesi.
Following the October ruling, Justice Dipeolu also appointed Abubakar Sulu-Gambari, SAN, as receiver-manager, granting him authority to take possession of Nestoil’s head office at 41/42 Akin Adesola Street, Victoria Island, Lagos, and other identified properties.
