society
Plot to Take Over Nestoil/Neconde’s Interest in OML 42 Unravels
•Foreign lenders, major banks join fight to overturn sweeping court orders
• Court halts proceedings amid NJC, Chief Judge petitions
Fresh controversy has erupted over the far-reaching orders granted by Justice Dehinde Dipeolu of the Federal High Court, Lagos, which froze the bank accounts, shares, and assets of Nestoil Limited and its affiliates in a high-stakes debt recovery suit involving unverified claims exceeding $1.01 billion and N430 billion.
In a ruling on an ex parte motion dated October 15, 2025, and filed on October 20, Justice Dipeolu issued sweeping orders restraining Nestoil Limited, Neconde Energy Limited, and other Nestoil affiliates from operating their bank accounts or dealing with funds, shares, or assets held in any Nigerian financial institution.
At the centre of the storm is Neconde Energy Limited, which has faulted its inclusion in the Mareva and receivership orders obtained by FBNQuest Merchant Bank Limited and First Trustees Limited, describing the orders as wrongful, oppressive, and a clear case of judicial overreach.
Meanwhile, Glencore Energy UK Limited, Fidelity Bank Plc, Mauritius Commercial Bank Limited, and the Africa Finance Corporation (AFC) — collectively described as Senior Lenders – have filed motions seeking to be joined as defendants to overturn the sweeping ex parte court orders.
Through their counsel, Olufemi Oyewole (SAN), the Senior Lenders asked the Court to set aside or vary the ex parte orders of October 22, 2025, which they said threaten their security interests in Neconde’s assets and operations.
They argued that the plaintiffs failed to disclose in their affidavit the existence of the Senior Secured Medium-Term Facility Agreement dated April 27, 2016, under which Neconde obtained a $640 million syndicated loan.
They added that the Deed of Charge dated December 8, 2022, relied upon by the plaintiffs in obtaining the ex parte orders, was registered against Nestoil Limited only and not against Neconde Energy Limited, rendering it defective and unenforceable against Neconde.
Citing Clause 3.4 of the Deed of Charge, they noted that FBNQuest’s charge “shall rank in all aspects subordinate and subject to the charges and assignments constituted by the Neconde Senior Security Documents.”
They therefore urged the Court to vacate or vary the interim orders or restrain further interference with Neconde’s assets pending determination of the substantive suit.
They asserted that the interim orders have made it impossible for Neconde to service its obligations to the Senior Lenders, potentially triggering events of default that could lead to insolvency actions with highly disruptive consequences.
When the case came up on Friday November 7, 2025, Justice Dipeolu revealed that he had received the petition sent to the Chief Judge of the Federal High Court concerning his handling of the case and related cases.
He subsequently suspended further proceedings pending the Chief Judge’s directive on whether he should continue or recuse himself.
The petitions accused the judge of judicial misconduct and reckless issuance of sweeping ex parte Mareva orders in two related cases — FBNQuest Merchant Bank & Anor v. Nestoil Ltd & Ors (FHC/L/CS/2127/2025); Aries Energy v. Neconde Energy & Ors (FHC/L/CP/1439/2025).
The petitioners alleged that Justice Dipeolu granted freezing and receivership orders without verifying ownership of several properties, including Nestoil Tower, which allegedly belong to third parties not indebted to the plaintiffs.
They also accused him of granting freezing and receivership orders against Neconde without any basis and authorising the Nigerian Navy and Department of State Services (DSS) to assist a receiver in enforcing civil orders and selling crude oil from OML 42 — actions they said contravened the preservative nature of interim injunctions.
They urged the National Judicial Council to investigate the matter and the Chief Judge of the Federal High Court to reassign all related cases to another judge to preserve public confidence in judicial impartiality.
Neconde has also filed processes in court praying the Court to discharge the ex parte orders.
It argued that the instant suit is jurisdictionally incompetent, having been commenced against it despite being under winding-up proceedings before the Federal High Court, Lagos, in Suit No. FHC/CP/1439/2025: Aries Energy & Petroleum Company Limited v. Neconde Energy Limited, Gobowen Exploration and Production Limited, Dr. Ernest Azudialu, and Bridge H&T Limited.
The firm submitted that by the provisions of the Companies and Allied Matters Act (CAMA) 2020, once a company is being wound up by the Court, any disposition of its property, including things in action, transfer of shares, or alteration of members’ status after the commencement of the winding-up, shall be void unless otherwise ordered by the Court.
They further contended that any attachment, sequestration, distress, or execution enforced against the estate of a company in liquidation shall equally be null and void except by the Court’s order.
Neconde, a major independent oil producer in OML 42, maintained that it is neither indebted to the plaintiffs nor privy to the syndicated loan transaction forming the basis of the suit.
The company’s lawyers argued that its inclusion amounted to wrongful interference with third-party rights and had effectively halted its daily crude oil production of over 40,000 barrels.
They contended that the ex parte orders were excessively broad and issued without jurisdiction, particularly since Neconde is already the subject of ongoing winding-up proceedings before the same Federal High Court.
The other defendants, Nestoil and its affiliates, have also filed a motion seeking to vacate the orders, describing them as unconstitutional and obtained through suppression of material facts.
They accused the plaintiffs of failing to make full and frank disclosure before securing the ex parte orders, thereby misleading the court into granting extraordinary far-reaching orders without hearing from the affected parties.
According to their counsel, the plaintiffs’ actions were “profoundly hasty and desperate,” contrary to established legal principles governing ex parte reliefs, which are intended to be temporary and preservative.
They argued that no urgency existed to justify freezing accounts or seizing assets, especially since the alleged loans had been restructured under a Common Terms Agreement (CTA) executed in December 2022.
The CTA, they said, rescheduled repayments over ten years from December 2021, making the present suit premature and in breach of its reconciliation clause.
The defendants further accused FBNQuest of failing to provide statements of account for over three years despite repeated written requests, insisting that only a forensic reconciliation could determine the true financial position.
They alleged that the plaintiffs’ claims were inflated with illegal and excessive charges and argued that Nestoil Towers, a major landmark on Akin Adesola Street, Victoria Island, is an immovable and secure property, making the drastic order unnecessary.
They also challenged the appointment of a receiver/manager by the plaintiffs, claiming the appointee was not registered with the Corporate Affairs Commission (CAC) as required under CAMA 2020.
The companies warned that maintaining the orders would paralyse operations, freeze directors’ personal accounts, and inflict devastating losses on Neconde’s oil production — losses that would also affect the Federal Government’s revenue from crude oil exports.
Meanwhile, industry sources warned that the continuing legal tussle, if not promptly resolved, could disrupt oil production in OML 42 — once producing over 250,000 barrels per day in the 1970s — and further erode investor confidence in Nigeria’s indigenous oil sector.
society
Good Politics Or Just Power? Two Years After The Elections
Good Politics Or Just Power? Two Years After The Elections
Two years after the last general election, Nigerians are justified in asking a direct question: is our democracy stronger today than it was then? Democracy is not measured by how many offices a party controls or how loudly politicians speak. It is measured by integrity, accountability, and the lived experience of the people. Good Politics demands more than victory at the polls; it demands moral leadership and visible progress in the lives of citizens.
The debate over amendments to the Electoral Act should have provided an opportunity to deepen transparency and strengthen public confidence. Instead, hesitation to fully embrace reforms that safeguard credible vote transmission and accountability has fueled doubt. In a nation where electoral credibility remains fragile, any reluctance to reinforce safeguards sends the wrong signal. Good Politics stands firmly for processes that are open, fair, and beyond suspicion.
The party in power commands significant authority across the federation. With control of the presidency, many state governments, a strong presence in the National Assembly, and influence at local levels, there should be no anxiety about reforms that ensure free and fair elections. Confidence in leadership is demonstrated not by dominance, but by a willingness to subject power to scrutiny. Politics rooted in the omoluabi ethos embraces fairness, transparency, and responsibility, even when inconvenient.
This is the standard long associated with Awolowo, whose politics emphasized discipline, social welfare, education, and institutional strength. His vision was not merely about holding office, but about transforming society through principled governance. Good Politics follows that tradition. It rejects manipulation, arrogance, and the concentration of power without accountability. It insists that authority must serve the people, not itself.
Beyond electoral reforms, democracy must deliver tangible relief. Across the country, households struggle with rising prices and shrinking purchasing power. Small businesses are burdened by escalating costs. Young people search for opportunities that remain scarce. When economic hardship deepens, democracy feels abstract. Good Politics recognizes that political legitimacy is reinforced when citizens can see and feel the benefits of governance.
The concentration of power within a single political structure should translate into coordinated reform and measurable development. When it does not, questions naturally arise. Democracy weakens when dominance replaces performance. It weakens when loyalty to party eclipses loyalty to principle. The omoluabi tradition teaches that character defines leadership. Without character, authority becomes hollow.
A healthy democracy requires credible elections and compassionate governance. It requires leaders who understand that politics is a moral enterprise. Two years into this administration, many Nigerians remain uncertain about the direction of both our democratic processes and their daily welfare. If democracy is to endure, it must reflect Good Politics: fairness in competition, integrity in conduct, and compassion in governance. Anything less falls short of the standard that our history and our values demand.
news
GEN CHRISTOPHER GWABIN MUSA SUPPORT INITIATIVE COMMENDS STATE-FEDERAL COLLABORATION IN ZAMFARA
GEN CHRISTOPHER GWABIN MUSA SUPPORT INITIATIVE COMMENDS STATE-FEDERAL COLLABORATION IN ZAMFARA
The Gen Christopher Gwabin Musa Support Initiative (GCGMSI) has commended the Zamfara State Government for its decisive contribution to security operations through the donation of newly acquired armoured personnel carriers (APCs), surveillance drones, and other critical operational equipment to troops and security agencies in the state.
This commendation was contained in a statement signed by the Convener of the GCGMSI, Ibrahim Dahiru Danfulani, Sadaukin Garkuwan Keffi/Betara Biu, and made available to the press.
The equipment was formally commissioned on Wednesday, February 18, by the Grand Patron of the GCGMSI and Minister of Defence, General Christopher Gwabin Musa, OFR (rtd.), in a ceremony at the Government House, Gusau. The event was attended by senior military officers, heads of security agencies, and top officials of the Zamfara State Government.
The GCGMSI, in its statement, hailed the donation as a “transformative and timely intervention” that aligns perfectly with its core objective of advocating for and supporting tangible measures that enhance the operational capacity and welfare of Nigeria’s security forces. The Initiative praised Governor Dauda Lawal’s administration for moving beyond rhetoric to actionable, material support, describing the move as a “blueprint for state-level collaboration in national security.”
“The provision of these assets by the Zamfara State Government is a testament to visionary leadership and a profound commitment to the peace and stability of its people,” the GCGMSI statement read. “It represents the exact kind of synergistic partnership between state and federal authorities that the GCGMSI champions. This initiative will significantly close operational gaps, boost the confidence of our gallant troops, and send a strong message to criminal elements.”
Speaking at the commissioning, General Musa emphasized that sustained collaboration is indispensable in confronting the nation’s evolving security challenges. He specifically commended Governor Lawal for his proactive support.
“Governor Dauda Lawal has demonstrated exemplary leadership and an unwavering dedication to the security of Zamfara State,” the Defence Minister stated. “The provision of these armoured vehicles, surveillance drones, and other operational equipment will undoubtedly boost the morale and operational effectiveness of our troops and other security agencies on the ground. This is a commendable effort that should be emulated by others.”
The newly commissioned assets, which include multiple APCs and advanced surveillance drones, are expected to dramatically enhance the mobility, protection, intelligence-gathering, and rapid response capabilities of security forces, particularly in the state’s remote and difficult terrains where anti-banditry operations are ongoing.
In his remarks, Governor Lawal reiterated his administration’s steadfast commitment to being a reliable partner in the security architecture. He urged security agencies to deploy the new resources responsibly and effectively to safeguard lives and property.
The Federal Government, through the Ministry of Defence, reaffirmed its commitment to continuing and deepening such partnerships with state governments across the nation to strengthen coordination and resource allocation in the collective fight against insecurity.
The GCGMSI concluded its statement by urging other state governments to take a cue from Zamfara’s “bold and pragmatic” approach, affirming that such concrete support is vital for achieving lasting peace and security across Nigeria.
society
Governor Dauda Lawal Commissions 25 Armoured Personnel Carriers, Aerial Surveillance Drones to Combat Insecurity
Governor Dauda Lawal Commissions 25 Armoured Personnel Carriers, Aerial Surveillance Drones to Combat Insecurity
In a major boost to the fight against banditry and insecurity in Zamfara State and the North-West Zone, Zamfara State Governor, His Excellency, Dr Dauda Lawal, on Wednesday commissioned 25 new Armoured Personnel Carriers (APCs) and sets of surveillance drones for the military and other security agencies operating in the state.
The event, which took place in Gusau, was part of the state government’s ongoing effort to provide structured logistical support to frontline security forces and combat insurgency, banditry, and protect lives and properties. Speaking at the commissioning and handover, Governor Lawal emphasised that the new assets are intended to enhance troop protection during high-risk deployments and improve rapid response capabilities in remote communities, ensuring tactical battle and overhead surveillance for victory.
“We have provided over 600 specialised motorcycles, 150 Hilux vehicles, and 20 Buffalo vehicles to our security forces. These 25 highly sophisticated APCs being commissioned today are therefore part of a broader reform to improve response to security threats. The APC’s significantly improves troop protection during deployments into high-risk areas. They reduce vulnerability during patrols, support convoy security along major routes, and strengthen rapid response capability when distress calls arise from remote communities.” the Governor stated.
Governor Lawal explained that the security challenges of recent years had disrupted farming, limited trade, and undermined public confidence across the state. He noted that his administration’s “Rescue Mission” agenda has focused on moving from fragmented responses to structured reforms, including the establishment of a Zamfara State Security Trust Fund and the operationalisation of Community Protection Guards to improve grassroots intelligence.
The Governor specifically highlighted the importance of integrating modern technology into security operations. He noted that the newly acquired drones would expand aerial surveillance, improve situational awareness, and support better coordination between command centres and troops in the field.
“Real-time information strengthens decision-making and reduces operational blind spots,” he added.
Governor Lawal however acknowledged the critical role of the Federal Government under President Bola Ahmed Tinubu, noting that recent federal budgets have allocated over three trillion naira to defence, a commitment he said strengthens subnational stabilisation efforts.
He urged the military commanders and personnel receiving the equipment to ensure disciplined maintenance and intelligence-guided deployment. “Enhancing your safety enhances the safety of our communities,” he told the troops.
Governor Lawal also told the people of Zamfara that; his administration remains resolute in restoring enduring security and peace across every Local Government Area. “We will sustain preventive measures, strengthen patrol architecture in rural corridors, deepen inter-state intelligence collaboration across the North-West, and maintain fiscal prudence in security expenditure. Stabilisation will continue through structured planning, lawful enforcement, and institutional reform.”
The Governor also linked the security investment to economic recovery, stressing that stability in rural areas is essential for agricultural productivity, market activity, and food security.
The event was attended by the Honourable Minister of Defence, General Christopher Musa (Rtd.), who formally commissioned the assets for operational service. Governor Lawal reaffirmed his administration’s resolve to sustain preventive measures and inter-state security collaboration until lasting peace is restored across all Local Government Areas in Zamfara.
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