Connect with us

society

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

Published

on

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.

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

society

The Kendrick Brothers, Cameron Arnett, Kingdom Story Company, Bright Wonder Obasi Train 60 Christian Filmmakers in Nigeria

Published

on

 The Kendrick Brothers, Cameron Arnett, Kingdom Story Company, Bright Wonder Obasi Train 60 Christian Filmmakers in Nigeria

 

 

Abuja, Nigeria – April 23, 2026

Successful actors, producers and movie makers like; the Kendrick Brothers, Cameron Arnett, Kingdom Story Company, Bright Wonder Obasi were among the facilitators who trained 60 Christian Filmmakers in Nigeria at the just concluded Africa Gospel Film Project (AGFP) 2026.

 

The groundbreaking 6-day Intensive Filmmaking Masterclass and Spiritual Formation Program, were 60 emerging Christian filmmakers from Nigeria and Zambia were trained in Abuja was held at the Gospel Cinema International /High Definition Film Academy (HDFA) Facility in Gwarinpa.

 

The program brought together a distinguished lineup of facilitators from Nigeria and the United States, positioning AGFP as a leading platform for faith-based filmmaking development in Africa.

 

Among the international facilitators was Stephen Kendrick of the Kendrick Brothers, known for films such as The Forge, War Room, Facing the Giants, and Courageous, Overcomer, Fireproof, who delivered a powerful session titled “Heart of The Filmmaker.” Also featured was Cameron Arnett, who led sessions on “Christ Over Career” and acting for film.

 

Other notable speakers included Nick Carey (Kingdom Story Company), who spoke on “The Making of a Faith-Based Blockbuster Movie,” as well as Bob Saenz (Screenwriting Masterclass), Beverly Holloway (Acting Masterclass), David Cook, Adam Drake, Prince Daniel (Aboki), Lummie Adevbie, Chris Odeh, and Jennifer Keltner (Identity & Storytelling), among others.

 

The program opened with a strong spiritual foundation, including worship and a keynote by the Convener, Bright Wonder Obasi, titled “Calling & Identity: Film as Spiritual Influence/Programming,” which challenged participants to view storytelling as a tool for cultural and spiritual transformation.

 

Participants were grouped into four production studios—House of Gideon, House of Caleb, House of Joshua, and House of David—and underwent three days of intensive masterclasses and workshops across screenwriting, directing, cinematography, acting, editing, and producing, alongside deep spiritual formation.

 

On Day 4, teams developed and pitched short film concepts for professional review and approval. Day 5 was dedicated to full-scale production, with all four teams executing their projects under real industry conditions.

 

The program culminated on Day 6 with:

A Pitch-A-Thon, where 20 filmmakers presented original projects for funding and collaboration.

 

A public screening of four short films produced during the program

Professional feedback from a panel of judges.

 

Certification of all participants

 

Awards for best Screenplay, Cinematography, directing, editing, acting, and overall best short film.

 

The closing ceremony featured a powerful commissioning session led by Pastor Ikenna Okeke, where participants were prayed for and consecrated as “God’s Creative Army.”

 

Speaking after the event, the Convener, Bright Wonder Obasi, described AGFP 2026 as “a movement to raise storytellers who will shape culture and influence nations through truth-driven films.

 

Films that honor God”

With its successful debut, AGFP is now preparing for its next edition, following its mandate to train 300 Christian filmmakers across Africa and develop a slate of six global faith-based films over a three-year period.

The Africa Gospel Film Project continues to position itself as a catalyst for purpose-driven storytelling, industry excellence, and spiritual transformation in African cinema.

Continue Reading

society

A Renewed Momentum: How the Chief of Army Staff is Repositioning the Nigerian Army for Decisive Impact

Published

on

*A Renewed Momentum: How the Chief of Army Staff is Repositioning the Nigerian Army for Decisive Impact*

By Comrade Oladimeji Odeyemi.

 

 

In times of prolonged security challenges, it is easy—almost convenient—for critics to amplify setbacks while ignoring measurable progress. Yet, across Nigeria’s diverse and complex theatres of operation, a different story is steadily unfolding: one of resilience, tactical evolution, and renewed operational effectiveness under the leadership of the Chief of Army Staff, (COAS, Nigerian Army), Lt General Waidi Shaibu.

 

What we are witnessing today is not a media hype or propaganda—it is the outcome of deliberate reforms, improved coordination, and a reinvigorated fighting spirit within the Nigerian Army.

 

*A Clear Shift in Operational Effectiveness*

 

Recent developments across, but not limited to Benue, Plateau, Borno, Yobe, Sokoto, Zamfara, Kogi, Kwara, Edo, and the South-East underscore a critical truth: the Nigerian Army under General Waidi Shaibu is not on the back foot. On the contrary, it is increasingly proactive, intelligence-driven, and responsive.

 

From the successful rescue of kidnapped civilians in Benue, to the interception of armed militias in Plateau, and the neutralisation of insurgents in Borno, the pattern is consistent—swift response, precision engagement, and tangible outcomes.

 

These are not isolated victories. They reflect:

 

– Improved intelligence gathering and utilisation.

 

– Faster troop deployment and mobility.

 

– Enhanced inter-agency collaboration.

 

– Better morale and combat readiness among personnel.

 

Such coordination, especially in asymmetric warfare, does not happen by chance. It is a direct reflection of leadership at the top.

 

*The Chief of Army Staff: Lt General Waidi Shaibu Driving Reform and Results*

 

Since assuming office, the Chief of Army Staff, Lt General Waidi Shaibu has brought a renewed sense of urgency and clarity of purpose to military operations. His leadership style appears anchored on three critical pillars:

 

*1. Operational Aggression with Discipline*

 

Troops are no longer merely reacting—they are taking the fight to criminal elements. Whether dismantling terrorist camps in the North Central states or repelling coordinated attacks in the North-East, or engaging the Unknown Gunmen in the SouthEast, the Nigerian Army is demonstrating initiative and dominance.

 

*2. Intelligence-Led Warfare*

 

Modern conflicts are won as much with information as with firepower. The increasing success in intercepting logistics suppliers, uncovering IEDs, and preempting attacks shows a system that is becoming smarter, not just stronger.

 

*3. Joint Force Synergy*

 

The collaboration between the Army, Air Force, Navy, Police, DSS, and local security groups has significantly improved. Operations in the South Eastern part of the Country and other regions highlight a unified national security architecture—something that has long been advocated but is now visibly taking shape.

 

*Addressing the Culture of Criticism*

 

It must be said plainly: criticism is not inherently wrong in a democracy. However, what is deeply problematic is the pattern of uninformed, selective outrage that ignores context, dismisses progress, and undermines morale.

 

Those who hastily label every security incident as evidence of failure often:

 

– Ignore the complexity of asymmetric warfare.

 

– Overlook the sacrifices of frontline personnel.

 

– Fail to acknowledge the vast geographical and logistical challenges involved.

 

Worse still, some narratives are built on speculation, ethnic bias, or incomplete information—such as prematurely attributing crimes to specific groups without verification.

 

This does not help the nation. It weakens it.

 

*The Reality of the Battlefield*

 

Nigeria is not facing a conventional war. The threats are:

 

– Decentralised.

 

– Embedded within local communities.

 

– Adaptive and unpredictable.

 

From insurgents and bandits to kidnappers and economic saboteurs, the battlefield is fluid. Success, therefore, must be measured not by the absence of incidents, but by the capacity to respond, contain, and degrade threats over time.

 

By this standard, the Nigerian Army is making undeniable progress.

 

*The Human Element: Courage and Sacrifice*

 

Behind every operation report is a human story—soldiers who leave their families behind, who endure harsh terrains, who confront danger daily so that millions of Nigerians can live in relative safety.

 

Some pay the ultimate price.

 

To reduce their efforts to mere statistics or dismiss them outright is not just unfair—it is unjust.

 

*A Call for National Support*

 

The progress being recorded today must be sustained, and that requires more than military effort. It demands:

 

– Public cooperation with security agencies.

 

– Responsible media reporting.

 

– Community vigilance against criminal infiltration

 

– Constructive, informed criticism where necessary.

 

Most importantly, it requires national unity in purpose.

 

*Conclusion: A Force Worthy of Confidence*

 

The Nigerian Army, under the leadership of the Chief of Army Staff, Lt General Waidi Shaibu is demonstrating that with the right direction, commitment, and strategy, meaningful progress is possible—even in the face of complex security challenges.

 

The gains may not always make screaming headlines, but they are real. They are measurable. And they are building momentum.

 

Rather than constant condemnation, what the Armed Forces deserve at this critical time is recognition, encouragement, and unwavering support.

 

Because beyond the noise of criticism lies a simple truth:

these men and women are standing between order and chaos—and they are holding the line.

 

This article was written by Comrade Oladimeji Odeyemi, an entrepreneur and an opinion moulder from Ibadan, Oyo State.

Continue Reading

society

RESPONSIBLE RESPONSE TO ALLEGATIONS AGAINST THE NIGERIAN ARMY

Published

on

RESPONSIBLE RESPONSE TO ALLEGATIONS AGAINST THE NIGERIAN ARMY By Brigadier General D.G. James (Rtd.)

RESPONSIBLE RESPONSE TO ALLEGATIONS AGAINST THE NIGERIAN ARMY

By Brigadier General D.G. James (Rtd.)

 

LAGOS — A recent publication by Sahara Reporters alleging systemic corruption, the creation of “mushroom units,” inflated budgets, and operational sabotage within the Nigerian Army has sparked concern across security and public circles.

RESPONSIBLE RESPONSE TO ALLEGATIONS AGAINST THE NIGERIAN ARMY

By Brigadier General D.G. James (Rtd.)

But a retired senior officer, Brigadier General D.G. James, has pushed back strongly, describing the claims as unsubstantiated, misleading, and damaging to the integrity of an institution that has borne the brunt of Nigeria’s internal security battles for over a decade.

 

Having served for 30 years across the North-East, North-West, and Niger Delta, the retired general said his intervention is not in defence of any individual, but of the institution itself.

 

Questioning Anonymous Claims

At the heart of the controversial report is a single unnamed source described as a “top military strategist.” General James argues that such anonymity, without corroborating evidence, weakens the credibility of the allegations.

“Serious claims about budgets, personnel, and logistics must be backed by verifiable documents, not vague assertions,” he said, challenging the publication to provide concrete proof, including records or sworn statements.

“Mushroom Units” or Operational Necessity?

The report’s claim that under-strength units were created to inflate budgets was also dismissed as a misunderstanding of modern counter-insurgency operations.

 

According to the retired officer, Nigeria’s evolving security threats — from Boko Haram and ISWAP in the North-East to banditry in the North-West and separatist tensions in the South-East, have necessitated the creation of flexible task forces and new formations.

 

“Operating below full strength is not evidence of corruption,” he said. “It reflects battlefield realities , casualties, redeployments, and expansion under pressure.”

 

Payroll and Logistics Allegations

On claims of double-counting personnel for financial gain, General James described the scenario as “logistically implausible,” citing centralized payroll systems tied to biometric verification.

He further noted that accusations of fuel diversion ignore broader structural issues within Nigeria’s budgeting system.

“Funds approved on paper are often not fully released. By the time allocations reach operational units, commanders are forced to manage limited resources,” he explained.

Reaction to Benisheik Reference

General James also condemned the report’s reference to the death of Brigadier General Oseni Braimah during an ISWAP attack in Benisheik, calling it an inappropriate attempt to link battlefield losses to alleged corruption.

“Using the death of a fallen officer to support unverified claims is deeply disrespectful,” he said.

Broader Accountability

While not dismissing the possibility of corruption in defence spending, the retired general emphasized that responsibility cannot be placed solely on the military.
He pointed to the role of the National Assembly in budget approvals and civilian institutions in oversight and prosecution.

“If there are flaws in the system, they are systemic , not exclusive to the armed forces,” he noted.

 

Call for Transparent Investigation

General James called for a thorough and independent investigation into the allegations, urging authorities to rely on verifiable evidence rather than media narratives.

“Let every claim be examined , but fairly, transparently, and without prejudice,” he said.

 

Reaffirming his lifelong loyalty to the military, the retired officer urged Nigerians to approach such reports with caution.
“Our soldiers have made enormous sacrifices in defence of this country. Allegations alone should not overshadow those realities,” he stated.

Continue Reading

Cover Of The Week

Trending