country
EN
Receiver/Manager of Nestoil and Neconde’s interest in OML 42 JV Secures Major Win as Appeal Court Disqualifies Olanipekun, Banire as Counsel to Nestoil, Neconde in Debt Case
['Our Reporter', '.Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow', 'Class', 'Wp-Block-Co-Authors-Plus', 'Display Inline', '.Wp-Block-Co-Authors-Plus-Avatar', 'Where Img', 'Height Auto Max-Width', 'Vertical-Align Bottom .Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow .Wp-Block-Co-Authors-Plus-Avatar', 'Vertical-Align Middle .Wp-Block-Co-Authors-Plus-Avatar Is .Alignleft .Alignright']
Latest Nigeria News, Nigerian Newspapers, Politics
Receiver/Manager of Nestoil and Neconde’s interest in OML 42 JV Secures Major Win as Appeal Court Disqualifies Olanipekun, Banire as Counsel to Nestoil, Neconde in Debt Case• Supreme Court adjourns Appeals by Nestoil and Neconde to May 2026The Receiver/Manager has scored a significant victory in the ongoing $2 billion debt recovery case against Nestoil Limited and Neconde Energy.
The court ruled that only the Receiver has the legal right to engage counsel on behalf of the indebted companies.
The appeal to the apex court was initiated by Nestoil, Neconde, and their promoters, Ernest and Nnenna Obiejesi.
Additional appearances included Chinonye Obiagwu SAN for Ernest Azudialu-Obiejesi, and Kehinde Ogunwumiju SAN, Tunde Afe-Babalola SAN, Ademola Abimbola SAN, and Chikasolu Ojukwu SAN for Nnenna Obiejesi.
The dispute stems from the indebtedness of Nestoil and Neconde amounting to $2 Billion owed to Nestoil Lenders as of September 30, 2025.