society

Plot to Take Over Nestoil/Neconde’s Interest in OML 42 Unravels

Published

7 months ago

November 15, 2025

Sahara Weekly

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

Police Officers Detained as Family Property Dispute Sparks Demolition Controversy in Lagos

Published

1 day ago

June 2, 2026

Sahara Weekly

Police Officers Detained as Family Property Dispute Sparks Demolition Controversy in Lagos

By Ifeoma Ikem

A property dispute within the Omotayo-Ojo family has taken a dramatic turn following a controversial demolition exercise at a residential building in Ikosi-Ketu, Lagos State, which reportedly left tenants displaced and led to the detention of some police officers allegedly involved in the operation.

The property, located at 23B Loveall Street, Ikosi-Ketu, has been the subject of a prolonged ownership tussle since the death of its owner, Chief Oludola Omotayo Ojo, the Babaalaje of Imesi-Ile, Osun State, in 2019.
Residents said tension erupted when a group of individuals, accompanied by security operatives, stormed the premises and commenced demolition activities.

According to eyewitnesses, portions of the building were pulled down while tenants rushed to salvage their belongings from affected apartments.

The residents alleged that windows, doors and roofing sheets were damaged during the exercise, exposing parts of the building to the elements and causing significant losses to occupants.

At the centre of the dispute is Mrs Mojisola Omotayo Ojo Alolagbe, who claimed that the property was allocated to her by her late father during his lifetime as a source of financial support.

She alleged that some family members had persistently challenged her ownership claim despite ongoing legal proceedings relating to the administration of the deceased’s estate.
Alolagbe further claimed that the latest incident was part of a series of attempts to wrest control of the property, citing previous cases of alleged vandalism and partial demolition in November 2025, January 2026 and February 2026.

The situation escalated further when reports emerged that police officers allegedly involved in the demolition were later apprehended and conveyed in a Black Maria vehicle over questions surrounding the legality of their participation in the operation.

Sources familiar with the matter said those behind the demolition had initially claimed to be acting on approval from the Lagos State Ministry of Lands. However, the authenticity and extent of such approval could not be independently verified as of the time of filing this report.

The development has generated concern among residents and community members, who questioned the involvement of security personnel in what they described as a civil matter.

Some tenants, who said they had recently renewed their tenancy agreements, lamented the destruction of their property and appealed to the authorities for protection and possible compensation.

They also called for a thorough investigation into the circumstances surrounding the demolition, insisting that the rights of all parties involved should be protected.
Stakeholders have urged the Lagos State Government, security agencies and the judiciary to intervene and ensure that the dispute is resolved through lawful means to prevent further escalation.

The controversy has continued to draw public attention, raising concerns over property rights, estate administration and the role of law enforcement agencies in civil disputes.

society

UKA Gears Up for Final ATC Exchangeability Test Run as June Preparations Begin

Published

4 days ago

May 30, 2026

Sahara Weekly

UKA Gears Up for Final ATC Exchangeability Test Run as June Preparations Begin.

May 30, 2026 – As the month of June gathers momentum, the *United Kingdom of Atlantis, UKA*, a sovereign nation has unveiled a series of vital guidelines and preparatory packages to ensure citizens and stakeholders run the *ATC Exchangeability* process effectively.

In an official update, the *President of Atlantic Crown Limited, Empress of Attica Empire UKA*, confirmed that the *Final Test Run of ATC Exchangeability* is scheduled for the month of June 2026. The exercise marks a key phase ahead of the *Official Exchangeability Window, set to run from July 2026 to February 2027*.

### Key Highlights from the Presidential Briefing
1. *Final Test Run – June 2026*
The test run is designed to validate systems, procedures, and user readiness before full activation. Citizens, partners, and designated participants are urged to follow all official advisories released by UKA authorities during this period.

2. *Official Exchangeability Period*
Following the successful completion of the June test run, the Official Exchangeability will commence in july 2026 and we are Expecting Full Exchange ability between July Ending, 2026 to February 2026.

UKA stated that detailed schedules, eligibility requirements, and step-by-step instructions will be communicated progressively through verified UKA channels.

3. *Benefiting Packages for June*
In line with UKA’s commitment to citizen empowerment, the month of June will feature “benefiting packages” aimed at education, preparation, and seamless onboarding. These packages are intended to equip the people of UKA with the knowledge and tools needed for effective participation.

4. *Commitment to Transparency*
Addressing the nation, the Empress of Attica Empire UKA emphasized:
_“Final Test Run of ATC Comes up in The Month of June, As We Prepare For The Official Exchangeability, Between July 2026 To Feb 2027. All Information Will Be Communicated.”_
UKA reaffirmed that only information released through official UKA platforms should be regarded as authoritative.

The United Kingdom of Atlantis is encouraging all citizens, representatives, and interested parties to remain alert to official communications, attend designated orientation sessions, and avoid unofficial sources. UKA’s dedication to order, clarity, and the collective benefit of its people as the nation moves into this significant phase.

For updates, advisories, and participation guidelines, citizens are advised to monitor official UKA communication channels.

United Kingdom of Atlantis, UKA, is a sovereign nation, committed to national development, citizen welfare, and structured economic participation through initiatives such as ATC Exchangeability.

society

Three Years On, General Buratai Hails Tinubu’s Economic, Security Achievements

Published

4 days ago

May 30, 2026

Sahara Weekly

Three Years On, General Buratai Hails Tinubu’s Economic, Security Achievements

Former Chief of Army Staff, Lt. Gen. Tukur Buratai (retd.), has commended President Bola Ahmed Tinubu for what he described as bold economic reforms and improved security efforts as the President marks three years in office.

In a goodwill message on Thursday to commemorate Tinubu’s third anniversary as President and Commander-in-Chief of the Armed Forces, Buratai said the administration had taken courageous decisions that would leave a lasting impact on Nigeria’s development.

According to him, President Tinubu broke a long-standing cycle that had hindered national growth by removing fuel subsidy and implementing foreign exchange reforms aimed at stabilising the naira and strengthening the economy.

He noted that the reforms were beginning to yield positive results, citing the global acceptance of Nigerian debit cards, the gradual revival of local refineries, access to student loans, and ongoing road and infrastructure projects across the country.

“The FCT Administration has also recorded remarkable progress, completing major road projects that remained unfinished for over 16 years,” Buratai stated.

The former army chief also praised the administration’s security efforts, saying renewed military offensives against insurgents, terrorists and bandits had led to notable successes across various parts of the country.

He specifically lauded recent joint operations involving Nigerian and United States forces against Boko Haram and ISWAP in the North-East, as well as intensified counter-banditry operations in the North-West.

“We have seen notorious ISWAP commanders being neutralised. I congratulate the Commander-in-Chief, the Minister of Defence, the Chief of Defence Staff, the Service Chiefs, the Inspector-General of Police and heads of intelligence agencies for their efforts,” he said.

Buratai, however, acknowledged that challenges remained, stressing the need for more aggressive military operations and intelligence-driven strategies in the coming year.

While urging Nigerians to remain hopeful, he said celebrating the President’s achievements did not amount to ignoring the difficulties facing the nation.

“Because you truly care, you have shown the courage to trade short-term comfort for long-term hope. Nigerians need your reassurances, and that is why we remain optimistic and full of confidence,” he added.

The retired military officer reaffirmed his support for the Tinubu administration and expressed confidence that the foundation being laid by the government would deliver a brighter future for the country.

He also prayed for God’s guidance, wisdom, strength and good health for the President as he continues to lead Nigeria.