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.
Alleged Manipulation of Defilement Case Sparks Call for Review of Legal Advice in Lagos
By Ifeoma Ikem
A legal controversy has emerged in Lagos following a petition seeking a review of a legal advice issued in a case involving two female teachers accused of negligence in a child injury incident at a nursery school in Ikorodu.
The petition, submitted by Crown Cannan Attorneys, urges the Lagos State Ministry of Justice to reconsider the legal advice issued on September 16, 2022, in the case titled Commissioner of Police vs. Ambassador Rukayat Tobiloba and Rukayat Lawal.
Addressed to the former Lagos State Attorney-General and Commissioner for Justice, Moyosore Onigbanjo, the application argues that the legal advice may have been influenced by what the petition describes as a “deliberate manipulation of facts.”
According to counsel representing the defendants, the allegations stem from an incident that allegedly occurred on October 26, 2021, at Great Kezino Nursery and Primary School located in the Adamo area of Ikorodu, Lagos.
The defendants, Ambassador Rukayat Tobiloba, 26, and Rukayat Lawal, 24, were reportedly the class teacher and assistant class teacher respectively in charge of a Nursery One class where the incident occurred.
Court documents indicate that a three-year-old pupil, identified as Victim A, was reportedly injured after another pupil allegedly pierced a pencil into her private part during school hours.
The prosecution claims the incident occurred due to the failure of the teachers to exercise adequate care and supervision over the children under their custody.
Based on this allegation, the two educators were charged with negligence under Section 252 of the Criminal Law of Lagos State, 2015, which addresses acts that may cause harm through lack of proper care.
The defendants were subsequently arraigned before Magistrate Court No. 2 in Ikeja on April 19, 2022, where they faced a one-count charge relating to the incident.
During the investigation conducted at the Gender Unit of the Lagos State Police Command in Ikeja, several civil society groups reportedly monitored the proceedings.
Among them were representatives of the African Women Lawyers Association (AWLA) and other non-governmental organizations.
These groups reportedly raised concerns about what they described as a growing tendency to weaponise allegations of child abuse in ways that could unfairly damage reputations and careers.
In its petition, the defence team argued that the case deserves a fresh review to ensure that justice is served based on verified facts rather than assumptions or public pressure.
They urged the Ministry of Justice to carefully reassess the legal advice and the circumstances surrounding the investigation to determine whether the prosecution should proceed as currently framed.
Legal observers say the outcome of the requested review could determine the next stage of the case and may also highlight broader concerns about investigative procedures and child protection cases within the justice system.
Reacting to a viral social media post by Ambassador Rukayat Tobiloba, who claimed she might be jailed for defilement, the head teacher of Great Kezino Nursery and Primary School, Mrs. Edaolaropin Toyin, provided the school’s account of events.
According to her, the pupil identified as Victim A was enrolled in the Nursery One class on September 20, 2021, which had about 15 pupils.
She explained that on October 26, 2021, the pupil was transported home on the school bus after closing hours and handed over to her father around 4:30 p.m.
“Later that night, the pupil’s mother allegedly contacted the head teacher, claiming her daughter cried while bathing and alleged that a male classmate, Victim B, had inserted a pencil into her private part during school hours,” she said.
The school, however, rejected the allegation, maintaining that no such incident occurred while the child was in its custody.
“The following morning, the teacher visited the pupil’s home, where the father reportedly denied the mother’s account of the incident,” Toyin added.
She said the situation escalated later that day when the child’s parents arrived at the school with police officers from Imota Police Station demanding that the alleged male classmate be produced.
The head teacher further stated that the school management had supported Tobiloba throughout the legal process.
“Since the incident happened, the school management has never stopped supporting Tobiloba’s welfare until last year when she sent a WhatsApp message saying she was no longer interested in the court matter, claiming she had relocated to Ibadan,” she said.
She described the claims currently circulating on social media as “defamatory narratives.”
*GEN CG MUSA SUPPORT INITIATIVE MOURNS FALLEN HEROES AND URGES UNITY IN SECURITY SUPPORT
The Gen Christopher Gwabin Musa Support Initiative (GCGMSI) expresses its heartfelt condolences to His Excellency Gen Christopher Gwabin Musa OFR, Minister of Defence of the Federal Republic of Nigeria, Grand Patron of the Initiative, and the families of the fallen heroes who courageously lost their lives in a recent attack by ISWAP in Konduga, Marte, Jakana, and Dalori in Borno State, northeast Nigeria. Among the tragic losses were three senior military commanders: Major U.I. Mairiga, Lt-Col Umar Faruq, and Lt-Col S.I. Iliyasu, who dedicated their lives to the service of our nation.
The GCGMSI implores the public to continue supporting our security agencies, emphasizing that the safety and security of our nation is a collective responsibility. Every day, our security forces pay the ultimate price to safeguard our country. We urge the public to remain supportive, pray for their success, and refrain from politicizing the security challenges we face.
This was contained in a statement signed by the Convener, Ibrahim Dahiru Danfulani Sadaukin Garkuwan Keffi/Betara Biu, which has been made available to the press. The statement highlights the initiative’s profound concern for the losses sustained by our security personnel and reflects on the broader security situation in Nigeria.
In his unwavering commitment to addressing the insecurity plaguing our nation, the Minister of Defence, Gen Christopher Gwabin Musa, has consistently engaged in urgent meetings with service chiefs, reinforcing strategic plans to combat threats and enhance national security. His leadership and decisive actions demonstrate a dedication to restoring peace and stability across our regions, ensuring a safer environment for all Nigerians.
society
SECURITY IS A SHARED RESPONSIBILITY: BACKING OUR MINISTER OF DEFENCE GEN. CHRISTOPHER GWABIN MUSA OFR
SECURITY IS A SHARED RESPONSIBILITY: BACKING OUR MINISTER OF DEFENCE GEN. CHRISTOPHER GWABIN MUSA OFR
By Ibrahim Dahiru Danfulani
In these challenging times, it is essential for all Nigerians to rally behind our leaders, particularly His Excellency Gen. Christopher Gwabin Musa OFR, the Minister of Defence. The security of our nation is not a matter to be taken lightly or politicized. Gen. Musa, recognized for his unwavering dedication and sacrifice, has served our country commendably throughout his life.
Following the recent reshuffle of service chiefs by President Asiwaju Bola Ahamed Tinubu GCFR, which resulted in Gen. Musa’s retirement as Chief of Defence Staff, many voiced their concerns. Yet, upon his appointment as Minister of Defence, there was a renewed sense of hope among the populace. Gen. Musa has embraced his role with an unwavering commitment, often sacrificing his rest to ensure the safety and security of our great nation.
While it is undeniable that Nigeria faces security challenges, we must approach these issues with unity rather than division. It is crucial to recognize that those who politicize our national security are often those who have not contributed positively to the success of our security agencies. Instead of spreading negativity, we should support Gen. Musa in his mission to restore peace and stability.
To achieve our collective goal of a secure Nigeria, we must provide Gen. Musa with the trust he deserves. His vision and determination, paired with our support and prayers, can pave the way to overcoming the challenges we face. It’s time for every Nigerian to put aside political differences and work together for the common good. Let us have faith in our leaders and trust in Gen. Musa’s ability to steer our nation towards safety and security.
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