April 24, (THEWILL) — Conoil Plc and Nimex Petrochemicals Ltd. are locked in a legal battle at the Federal High Court, Abuja, over a disputed $8.49 million judgement debt in ongoing garnishee proceedings.
Nimex initiated the suit, joining five commercial banks as garnishee respondents in a bid to recover funds it claims are owed. Garnishee proceedings allow a judgement creditor to enforce payment by attaching funds held by third parties, typically banks, on behalf of the debtor.
In court filings, Nimex’s counsel, Patrick Ikwueto (SAN), said a temporary garnishee order had been granted, freezing funds linked to Conoil. He traced the claim to a 2007 judgement involving demurrage charges from petroleum shipments supplied to Conoil.
According to him, the total debt stands at $8.48 million, including 10 percent post-judgement interest calculated from October 2013 to July 2025. He added that although the Central Bank of Nigeria deducted about N4.3 billion from Conoil’s accounts, the payment when converted at the prevailing exchange rate covered only part of the dollar-denominated obligation.
However, Conoil, through its lawyer Ishaka Dikko (SAN), is challenging the claim, urging the court to set aside the garnishee order. The company argued that the order was obtained through misrepresentation and insisted that the debt had already been settled.
Conoil maintained that the CBN deduction represented full payment of a $13.7 million judgement, which was subsequently deposited with the court and accessed by Nimex.
The company further accused Nimex of attempting double recovery by recalculating interest without clear justification.
The case has been adjourned until June 11, 2026, for hearing.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
