November 20, (THEWILL) — The Federal High Court in Lagos on Thursday vacated the Mareva injunction earlier issued against Nestoil Limited, its affiliate Neconde Energy Limited, and their principal promoters.
Justice Dehinde Dipeolu had on October 22, 2025, granted the order restraining Nestoil and its affiliates from disposing of or tampering with their assets pending the determination of a $1bn debt recovery suit filed by First Trustees Limited and FBNQuest Merchant Bank Limited on behalf of a consortium of lenders.
The injunction was intended to secure an alleged combined debt exposure of about $1.012bn and ₦430bn as of September 30, 2025.
Beyond freezing the companies’ financial assets, Justice Dipeolu also authorised court-appointed receiver/managers to take charge of the firms’ operations to prevent asset dissipation while the substantive suit was pending.
Following widespread public criticism of the orders, the case was reassigned to Justice Daniel Osiagor of the Federal High Court, Ikoyi.
At Thursday’s proceedings, counsel to the defendants, led by Wole Olanipekun, SAN, urged the court to set aside all previous orders since the matter was beginning de novo.
He argued that Justice Dipeolu’s ex parte order placing Nestoil and Neconde under receivership had lapsed after 14 days by effluxion of time.
After hearing the submissions, Justice Osiagor declared all earlier orders granted by Justice Dipeolu null and void, holding that the parties would now be heard on the merits of the case.
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