November 26, (THEWILL) — The Federal High Court in Lagos has adjourned the hearing of a joinder application in the ongoing alleged $1 billion debt suit involving FBNQuest Merchant Bank Limited, First Trustees Limited, and Nestoil Limited, alongside its affiliates and directors.
Justice Daniel Osiagor rescheduled the hearing on Tuesday to December 11, 2025, following the late filing of a counter-affidavit by the plaintiffs.
The application was filed by Glencore Energy UK Limited, Fidelity Bank Plc, Mauritius Commercial Bank Limited, and the African Finance Corporation (AFC), all seeking to be joined as necessary parties in the suit.
The move follows the vacation of an earlier Mareva injunction that froze the assets of Nestoil, Neconde Energy Limited, Dr. Ernest Azudialu-Obiejesi, and Nnenna Obiejesi, as well as the appointment of a receiver-manager over the alleged debt.
THEWILL had reported that Justice Osiagor, on November 20, 2025, vacated the Mareva injunction earlier granted by Justice Dehinde Dipeolu, which had frozen the assets of Nestoil, Neconde Energy, and their promoters across more than 20 financial institutions.
The court held that the ex parte order had lapsed after 14 days under the Federal High Court Rules, following a motion to set it aside.
During Tuesday’s proceedings, lead counsel for the plaintiffs, Babajide Koku, SAN, informed the court that the counter-affidavit was filed that morning.
Counsel for the proposed parties, Oluwafemi Oyewole, SAN, said he had not yet been served with the document.
Justice Osiagor subsequently adjourned the hearing to allow proper service on all parties.
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