A dispute over authorized legal representation for Nestoil Limited and Neconde Energy Limited has stalled proceedings in an appeal filed by FBNQuest Merchant Bank Limited and First Trustees Limited. The appeal, now before the Court of Appeal, Lagos Division, challenges a Federal High Court ruling that vacated a Mareva injunction freezing the assets of Nestoil and its directors in connection with an alleged $1 billion debt claim.
On 20 November 2025, Justice Daniel Osiagor of the Federal High Court set aside the injunction, noting that it had expired after 14 days. Dissatisfied with that decision, FBNQuest Merchant Bank and First Trustees approached the Court of Appeal, seeking a “restorative injunction” to overturn the high court’s order. The appellate court granted the request on 1 December 2025, clearing the way for the repossession of Nestoil’s Lagos head office.
During the appeal hearing, confusion arose when multiple lawyers claimed to represent the respondent companies. Both Ayoola Ajayi (SAN) and Muiz Banire (SAN) asserted they represented Nestoil Limited, while Ayo Olorunfemi (SAN) and Chief Wole Olanipekun (SAN) each claimed to represent Neconde Energy Limited. The court directed the parties to address applications challenging the legal representation before the next adjourned date, 15 January 2026. Justice Yargata Nimpar, presiding over the three‑member panel, emphasized that the representation issue must be resolved before the court can consider any other applications.
The court will not sit next week because of the mid‑year or end‑of‑year program in Abuja, and it will reconvene after the Christmas break. When it resumes in January, it will deal with all pending matters, including the representation dispute for Nestoil and Neconde Energy Limited. This appeal represents a significant development in the ongoing conflict between FBNQuest Merchant Bank Limited and the respondent companies. By resolving the representation issue first, the court aims to ensure that the appeal proceeds in an orderly and fair manner. The next hearing is scheduled for 15 January 2026, when further directions are expected.
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