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, currently before the Court of Appeal, Lagos Division, is a response to a ruling by the Federal High Court, Lagos, which vacated a Mareva injunction freezing the assets of Nestoil and its directors over an alleged $1 billion debt claim.
On November 20, 2025, Justice Daniel Osiagor of the Federal High Court vacated the injunction, citing its expiration after 14 days. Dissatisfied with the ruling, FBNQuest Merchant Bank and First Trustees approached the Court of Appeal, seeking a “restorative injunction” to undo the high court’s ruling. The appeal court granted the request on December 1, 2025, paving the way for the repossession of Nestoil’s Lagos head office.
However, during the appeal hearing, confusion arose when multiple lawyers announced their appearances for the respondent companies. Ayoola Ajayi (SAN) and Muiz Banire (SAN) both claimed to represent Nestoil Limited, while Ayo Olorunfemi (SAN) and Chief Wole Olanipekun (SAN) both claimed to represent Neconde Energy Limited. The court directed the parties to respond to applications challenging the legal representation before the next adjourned date, January 15, 2026.
Justice Yargata Nimpar, presiding over the three-member panel, stated that the issue of legal representation must be resolved before the court can proceed with other applications. The court will not sit next week due to the mid-year or end-of-year program in Abuja and will proceed on Christmas break thereafter. When the court resumes in January, it will address all pending matters, including the dispute over legal representation for Nestoil and Neconde Energy Limited.
The appeal is a significant development in the ongoing dispute between FBNQuest Merchant Bank Limited and the respondent companies. The court’s decision to resolve the issue of legal representation before proceeding with other applications ensures that the appeal is heard in an orderly and fair manner. The next hearing is scheduled for January 15, 2026, and the court is expected to provide further direction on the matter.
