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FBNQuest’s Billion-Dollar Freeze Unravels: OML 42 Breaks Free as Mareva Injunction Against Nestoil, Neconde Expires

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7 months ago

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–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.

 

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Sahara weekly online is published by First Sahara weekly international. contact [email protected]

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Fidelity Bank grows gross earnings by 38% to N434.95b in Q1

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6 days ago

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May 27, 2026

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Fidelity Bank grows gross earnings by 38% to N434.95b in Q1

 

Fidelity Bank Plc recorded 37.9 per cent growth in gross earnings to N434.95 billion in first quarter 2026 as the international commercial bank continued to expand its core banking market share.

 

Interim report and accounts of Fidelity Bank for the three months ended March 31, 2026 released at the Nigerian Exchange (NGX) showed that gross earnings rose from N315.42 billion in first quarter 20025 to N434.95 billion in first quarter 2026, representing an increase of 37.9 per cent.
The top-line performance was driven by impressive growth in the bank’s core business operations with interest incomes rising by 22.8 per cent to N314.48 billion in first quarter 2026 as against N256.10 billion in first quarter 2025.

 

With net interest income at N180.97 billion, the bank closed the period with profit before tax of N92.48 billion. After taxes, net profit stood at N74.47 billion for the three-month period. Earnings per share remained high at N5.69, underlining the capacity of the bank to reward its shareholders.

 

 

The balance sheet of the bank also emerged stronger. Total assets crossed the N11 trillion mark to N11.35 trillion by March 2026 compared with N10.46 trillion recorded in December 2025. Customers’ deposits increased from N6.89 trillion to N7.38 trillion. Total equity rode on the back of earnings growth to a 27.5 per cent increase from N1.09 trillion in December 2025 to N1.39 trillion by March 2026.

 

 

The first quarter 2026 results further consolidated the strong earnings outlook of the bank, which had successfully completed its recapitalisation amidst impressive earnings performance in 2025.
Fidelity Bank had recorded double-digit growths in interest and non-interest incomes as well as key balance sheet items during the year ended December 31, 2025.

 

 

The audited report showed that gross earnings rose from N1.04 trillion in 2024 to N1.52 trillion in 2025, an increase of 45.6 per cent. Interest and similar incomes had grown by 38.7 per cent from N803.1 billion in 2024 to N1.11 trillion in 2025. Fees and commission incomes also rose by 44.7 per cent from N78.4 billion to N113.4 billion. The bank recorded net profit after tax of N242.4 billion in 2025.

 

 

The bank’s balance sheet emerged stronger with total assets rising by 18.6 per cent to N10.46 trillion in 2025 as against N8.82 trillion in 2024. Customer deposits increased by 16.1 per cent from N5.94 trillion to N6.89 trillion, reflecting continued franchise strength and an improved funding profile. Net loans and advances meanwhile declined by 2.4 per cent to N4.28 trillion in 2025 as against N4.39 trillion in 2024, attributable to customers paying down on their mature obligations.

 

 

The bank had in 2025 strengthened its capital position, with eligible capital rising to N561 billion, above the regulatory minimum of N500 billion for banks with international authorisation. In addition, capital adequacy had remained robust, with Capital Adequacy Ratio of 30.94 per cent by December 2025 as against 23.47 per cent by December 2024.

 

Managing Director, Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, said the first quarter 2026 results reinforced the bank’s strong and resilient business model.

 

She noted that with the remarkable success of its recapitalisation programme and continuing expansion, Fidelity Bank has entered a new era of growth and impressive returns.

 

“We are on a stronger footing and confident that we will set new growth records that are reflective of our legacy and the future we are working on,” Onyeali-Ikpe said.

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FirstBank, Visa Expand Premium Card Portfolio with Visa Signature Launch

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2 weeks ago

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May 17, 2026

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FirstBank, Visa Expand Premium Card Portfolio with Visa Signature Launch

Designed for Nigeria’s affluent segment, Visa Signature unlocks world-class benefits through Visa’s global network across travel, lifestyle, and premium merchant offers.

 

Lagos, Nigeria – May 15, 2026 – First Bank of Nigeria Limited, in partnership with Visa, has announced the launch of Visa Signature, a premium card offering designed for Nigeria’s affluent segment. The card unlocks an exclusive portfolio of lifestyle benefits, global travel privileges, and curated merchant offers through Visa’s worldwide acceptance network, giving high-spending Nigerians a product built around how they live.

 

 

Visa Signature targets Nigeria’s top executives, business owners, and frequent international travelers who expect more from their financial products. Through Visa Global benefits and Visa Destination offers, cardholders gain access to preferential rates, premium experiences, and priority services across hundreds of partner merchants, hotels, airlines, and destinations around the world. The card supports both domestic and cross-border transactions, ensuring seamless payment experiences whether cardholders are in Lagos, London, or Dubai.

 

 

 

Commenting on FirstBank’s ambition for its premium cardholders, Chuma Ezirim, Group Executive, eBusiness & Retail Products, FirstBank, said: “At FirstBank, we are dedicated to creating financial solutions that reflect the evolving lifestyles of our customers. We understand that our premium customers aspire to experiences that reflect their global outlook. Visa Signature is crafted to meet those expectations, offering access to exclusive experiences, global connectivity, and lifestyle privileges that empower our customers to live without boundaries. We remain focused on creating value and reinforcing our position as the partner of first choice for Nigerians at home and abroad.”

 

 

Highlighting the strategic importance of the FirstBank partnership, Andrew Uaboi, Vice President and Cluster Head, West Africa, Visa, noted: “Nigeria’s affluent consumers are among the most active and globally connected spenders on the continent. Visa Signature is designed to serve that profile with the depth of benefits and the breadth of acceptance they deserve. We are delighted to work with FirstBank in making this available to the Nigerian market.”

 

 

The launch marks a strategic step for FirstBank in deepening its premium product offering. FirstBank’s existing Visa portfolio already serves millions of Nigerians across everyday retail, cross-border commerce, and online transactions through Visa Infinite, Visa Gold, Naira Credit, and Visa Prepaid cards. Visa Signature adds a dedicated tier for the affluent segment, giving this customer group the recognition and privileges their spending profile demands.

Visa Signature is available to eligible FirstBank customers. Interested customers can visit any FirstBank branch nationwide or contact their dedicated relationship manager to apply.

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions, and government enti

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Tony Elumelu at Africa Forward Summit: “Our Youth Do Not Need Handouts”

Published

2 weeks ago

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May 17, 2026

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Tony Elumelu at Africa Forward Summit: “Our Youth Do Not Need Handouts”

 

 

 

Heirs Holdings Founder tells Presidents Ruto and Macron that Africa wants partners of substance, based on equality, and that power and infrastructure must come first.

 

 

 

At the 2026 Africa Forward Summit, convened by Kenyan President H.E. William Ruto and French President H.E. Emmanuel Macron, Heirs Holdings Founder and Group Chair, Tony O. Elumelu, CFR, delivered a direct message to a room of heads of state, investors, and global business leaders: Africa is open for partnership, not patronage.

 

 

 

“We welcome true partnership — partnerships of substance and based on equity — where Africans and African solutions catalyse Africa’s future”, he remarked.

 

 

 

Elumelu argued that Africa’s transformation hinges on two foundational investments — electricity and infrastructure — and that private capital must do the heavy lifting.

 

 

 

“The private sector is what will help us mobilise capital to drive investment in infrastructure, investment in electricity. These are two critical requirements for the economic prosperity and development of Africa,” he said. “If we create the right operating environment, we will create jobs for our people. We will alleviate poverty and deliver growth and prosperity.”

 

 

 

With more than 65 percent of Africans under 35, Elumelu pushed back hard against the traditional language of aid.

 

aid.

 

 

 

“In Africa, we have a young population. There is no room for victim mentality. Our youth do not need handouts; they need jobs, they need improved access to electricity, they need to join the internet. What is important is providing this enablement, this infrastructure requirement, so that our young ones can realise their potential.”

 

 

 

His Tony Elumelu Foundation (TEF) has now provided access to training for 2.5 million young Africans and funded over 27,000 entrepreneurs across all 54 African countries — the continent’s largest entrepreneurship platform.

 

 

 

Elumelu signalled openness to every credible partner, regardless of geography.

 

 

 

“It is a good place to be at, as Africans, now. We should embrace those who want to help us catalyse growth in Africa. And let us not forget Africa is the fastest growing region globally – and it is not just demographics” he said.

 

 

 

“In the 21st century, the mindset must change. It should be a mindset that embraces economic prosperity and development, a mindset that creates the environment that will help us alleviate poverty in Africa, create jobs for our young people.”

 

 

 

Tony Elumelu’s participation at the summit aligns with Heirs Holdings’ broader commitment to driving long-term African development through strategic investments across sectors critical to economic transformation, including power, financial services, healthcare, hospitality, and technology.

 

 

 

The 2026 Africa Forward Summit concluded with renewed calls for deeper collaboration between governments, development institutions, and the private sector, as leaders exploredaid.

 

 

 

“In Africa, we have a young population. There is no room for victim mentality. Our youth do not need handouts; they need jobs, they need improved access to electricity, they need to join the internet. What is important is providing this enablement, this infrastructure requirement, so that our young ones can realise their potential.”

 

 

 

His Tony Elumelu Foundation (TEF) has now provided access to training for 2.5 million young Africans and funded over 27,000 entrepreneurs across all 546 African countries — the continent’s largest entrepreneurship platform.

 

 

 

Elumelu signalled openness to every credible partner, regardless of geography.

 

 

 

“It is a good place to be at, as Africans, now. We should embrace those who want to help us catalyse growth in Africa. And let us not forget Africa is the fastest growing region globally – and it is not just demographics” he said.

 

 

 

“In the 21st century, the mindset must change. It should be a mindset that embraces economic prosperity and development, a mindset that creates the environment that will help us alleviate poverty in Africa, create jobs for our young people.”

 

 

 

Tony Elumelu’s participation at the summit aligns with Heirs Holdings’ broader commitment to driving long-term African development through strategic investments across sectors critical to economic transformation, including power, financial services, healthcare, hospitality, and technology.

 

 

 

The 2026 Africa Forward Summit concluded with renewed calls for deeper collaboration between governments, development institutions, and the private sector, as leaders explored pathways to accelerate inclusive growth and strengthen Africa’s position within the global economy.

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