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FBNQuest’s Billion-Dollar Freeze Unravels: OML 42 Breaks Free as Mareva Injunction Against Nestoil, Neconde Expires
–Legal Experts: Ex Parte Orders Automatically Lapse After 14 Days — Enforcement Now Void
…Corporate Power Struggle Over OML 42 Exposes the Fragility of Interim Judicial Relief in Nigeria
A sudden quiet victory has settled over Nestoil and Neconde. Their offices — once sealed, monitored, and overshadowed by the heavy machinery of FBNQuest and First Trustees — have reopened with renewed activity. Billions of naira once locked in limbo are now accessible again. The dramatic freeze that stalled operations at OML 42 has evaporated, not through courtroom fireworks but through the silent mechanism of the law.
The ex parte orders granted on October 22 by Justice D. I. Dipeolu had allowed the banks to freeze funds, seal premises, and appoint a Receiver to take over operations. The impact was swift and severe: offices shut, crude production threatened, and corporate control seized in a stroke. But under the Federal High Court (Civil Procedure) Rules 2019, such drastic interim relief carries an inbuilt expiry date. Fourteen days after a motion to discharge is filed, the law strips the order of any legal force.
Nestoil and Neconde filed their motion on October 30. On November 13, the orders died a natural legal death.
What had appeared to be the banks’ ironclad grip turned out to be temporary — a procedural illusion bound by time and constitutional safeguards.
Victoria Island had, for weeks, resembled a corporate battleground. Senior Advocate of Nigeria Abubakar Sulu-Gambari, acting as Receiver, walked through seized premises like a custodian of contested billions. Frozen accounts disrupted operations, key decisions were suspended, and OML 42 — a vital crude-producing asset — stood at risk.
But the law is clear: ex parte orders are emergency tools, not instruments of prolonged domination. Under Order 26, Rule 10, they cannot extend beyond fourteen days post–motion to discharge. Section 36(1) of the Constitution reinforces that no party may be deprived of rights indefinitely without being heard. To do otherwise would violate the fair-hearing principle at the heart of Nigerian justice.
With the lapse, any enforcement actions still being carried out became instantly unlawful. Agencies or individuals occupying offices, supervising assets, or restricting corporate activity now lack legal authority. Companies regain autonomy; the banks, if still intent on pressing their claims, must return to court and start afresh.
Legal analysts stress that the brevity of ex parte orders is intentional. “An ex parte order is a temporary shield, not a permanent sword,” one senior counsel explained. “Its lifespan protects fairness. Anything longer would undermine due process.”
For large operators like Nestoil and Neconde, the consequences of extended freezes are not theoretical. Billions of dollars in assets, export schedules, and international business obligations hang in the balance. A prolonged freeze can destabilize operations far more than the underlying dispute itself.
The episode also serves as a cautionary tale for enforcement agencies. Continuing to act after an order lapses exposes them to legal challenge and potential sanctions. Nigerian courts have repeatedly held that enforcement without subsisting authority is unconstitutional.
Across the commercial litigation landscape, Mareva injunctions are well understood as powerful but short-lived. They prevent asset flight but must withstand the strict scrutiny of procedural fairness. Banks often seek them in urgent circumstances — as FBNQuest did, citing an alleged $1 billion exposure — but urgency does not override constitutional limits.
For Nestoil and Neconde, the expiry restores operational stability. For FBNQuest and First Trustees, it closes one chapter and forces a strategic reset. The banks may seek new orders, pursue the substantive case, or recalibrate their approach. The next move could shape not only this dispute but also broader jurisprudence on interim relief.
The corporate world is watching closely. OML 42 is not just another oil asset — it is a pillar of indigenous oil production with national implications. Even a brief freeze affects supply chains, investor confidence, and Nigeria’s energy outlook.
The lesson from this saga is unmistakable: urgency does not trump due process, and interim legal power is inherently temporary. The law’s clock always ticks — and when time runs out, even the most sweeping orders dissolve.
As operations resume on Victoria Island and crude production steadies at OML 42, the drama shifts back to the courts and corporate boardrooms. Will the banks return for another round? Will the court grant fresh relief? Or will the dispute finally move from procedural warfare to substantive adjudication?
For now, the Mareva injunction is dead — but the battle over OML 42 is far from finished.
FirstBank Introduces Exclusive 500-Seater Bleacher at Carnival Calabar & Festival 2025
Lagos, 26 December 2025 – FirstBank, West Africa’s premier financial institution and financial inclusion services provider, has officially announced its sponsorship of the Carnival Calabar & Festival 2025, unveiling a landmark addition set to redefine the carnival experience — the first-ever private premium seating area at the event.
The highlight of FirstBank’s participation is the construction of a 500-seater premium bleacher, designed to provide comfort, safety, and an elevated viewing experience for carnival enthusiasts.
Speaking on the sponsorship, the Acting Group Head Marketing and Corporate Communications, FirstBank, Olayinka Ijabiyi, noted that the carnival aligns with the Bank’s First@Arts initiative, a platform dedicated to supporting the creative arts value chain across Nigeria. He said, “We recognise the transformative power of the arts, including carnivals, in inspiring people and strengthening national unity. For more than 131 years, we have supported platforms that promote self-expression, social reflection and cultural exchange. Our investment in the Carnival Calabar & Festival demonstrates our commitment to preserving the nation’s rich cultural heritage through First@Arts.”
“As part of our sponsorship this year, we are introducing the first-ever private 500-seater premium bleacher to further elevate the carnival experience. This exclusive seating is designed to provide exceptional comfort and an unforgettable viewing experience for attendees,” Ijabiyi added.
The Chairman of the Cross River State Carnival Calabar Commission, Gabe Onah, also commented on FirstBank’s sponsorship. “FirstBank’s involvement is a strong demonstration of private-sector support for culture and tourism. This partnership not only enhances the overall quality of the carnival but also strengthens its global appeal,” he said.
The Carnival Calabar & Festival 2025 is officially marketed by Okhma Global Limited, the appointed Official Marketer responsible for brand partnerships, promotional engagements, and ticket sales. Okhma Global Limited has partnered with the Cross River State government in delivering Carnival Calabar & Festival for over ten years, playing a key role in strengthening the carnival’s commercial growth and global visibility.
Alpha Morgan Bank Backs Cultural Preservation at the 2025 Iganmode Festival
Alpha Morgan Bank has reaffirmed its commitment to cultural preservation and community development as one of the major sponsors of the recently concluded Iganmode Cultural Festival (Odun Omo Iganmode) held in Sango-Ota, Ogun State.
The annual festival, a landmark cultural celebration in the ancient town of Ota, showcased the rich heritage, history, and identity of the Awori people. The event came alive with vibrant displays of traditional music, dance, colourful regalia, and performances that reflected the deep-rooted customs and values of the community.
Alpha Morgan Bank’s sponsorship followed closely on the heels of the recent launch of its Sango-Ota branch, further underscoring the Bank’s dedication to supporting local initiatives, promoting indigenous culture, and fostering sustainable community development in Ota and its environs.
The ceremony attracted an impressive array of dignitaries, including former President of Nigeria, His Excellency Chief Olusegun Obasanjo; Deputy Governor of Ogun State, Engr. (Mrs.) Noimot Salako-Oyedele; and the Olota of Ota, His Majesty, Prof. Adeyemi Obalanlege, alongside several other traditional rulers and members of royal households from across the state. Their presence highlighted the cultural and historical significance of the festival to Ogun State and the wider Yoruba nation.
Alpha Morgan Bank’s participation as a major sponsor reflects its broader corporate vision of strengthening community values and supporting initiatives that promote Nigeria’s rich cultural heritage. The Bank joined thousands of attendees in celebrating a festival that continues to serve as a symbol of unity, pride, and cultural continuity for the people of Ota.
The 2025 edition of the Iganmode Festival was widely acclaimed as a success, leaving guests and participants with lasting impressions of a colourful, well-coordinated celebration that honoured tradition while fostering communal harmony.
*12 Days of Christmas with 5 for 5 Rewards: Celebrating the Season the Wema Way*
December is a season built on gratitude, reflection, and giving. It is a time when small gestures carry deeper meaning and everyday moments turn into shared joy. At Wema Bank, this spirit of the season has inspired the launch of 12 Days of Christmas with 5 for 5 Rewards, a festive campaign created to celebrate customers who continue to make the Bank part of their daily lives.
Running from December 14 to December 25, 2025, the campaign is designed to reward simple, everyday banking while spreading cheer across homes and communities. For twelve days, 33 customers will be rewarded daily with five thousand naira each when they fund their accounts with five thousand naira.
The idea behind the campaign is simple in action but thoughtful in intent. It recognises that during the festive period, every extra support counts. Whether it is preparing for family gatherings, running errands, or planning end-of-year activities, Wema Bank is turning routine transactions into moments of delight.
To take part in the 12 Days of Christmas with 5 for 5 Rewards, customers only need to fund their accounts with five thousand naira through any of the following channels:
ALAT app
*945#
Debit cards
Once the account is funded with five thousand naira, they get an additional five thousand naira as a reward.
Beyond the rewards, the 12 Days of Christmas with 5 for 5 Rewards reflects Wema Bank’s broader commitment to customer-centric banking. It reinforces the Bank’s focus on creating experiences that go beyond transactions, especially during moments that matter most to customers.
As the year draws to a close, Wema Bank is inviting customers to enjoy the festive season knowing that their loyalty is valued and celebrated. With every transaction, the Bank continues to find new ways to connect, appreciate, and give back during a season defined by generosity.
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