COURT ORDERS POLICE TO VACATE NESTOIL PREMISES AFTER LIFTING $1BN ASSET-FREEZE IN DEBT DISPUTE
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By Aishat Momoh. O .
In a major development in the debt dispute between FBNQuest Merchant Bank Limited, First Trustees Limited, and oil and gas firm Nestoil Limited, the Federal High Court in Lagos has ordered the immediate withdrawal of police officers from the defendants’ premises.
The directive followed a ruling delivered on November 20, 2025, by Justice Daniel Osiagor, which vacated an earlier enforcement order allowing security operatives to be stationed at the properties of Nestoil Limited, Neconde Energy Limited, and their directors, Dr. Ernest Azudialu-Obiejesi and Mrs. Nnenna Obiejesi.
In a letter to the Lagos State Commissioner of Police, the court’s Deputy Chief Registrar, Longwa, relayed the ruling and confirmed that the previous authorisation had been set aside. The correspondence, referencing Suit No. FHC/L/CS/2127/2025, directed that all police personnel deployed to the defendants’ facilities be withdrawn without delay.
The court also lifted the $1bn Mareva injunction granted ex parte on October 22, 2025, by Justice Dehinde Dipeolu which had frozen Nestoil’s assets and those of its affiliates and directors across more than 20 financial institutions. The order had allowed creditor banks, through First Trustees and FBNQuest, to initiate recovery actions including asset takeover.
Justice Osiagor ruled that the Mareva injunction lapsed 14 days after Nestoil and Neconde filed a motion to discharge it on October 30, meaning it effectively expired on November 14, 2025, under the Federal High Court Rules.
He emphasised that as an ex parte order, the injunction could not be indefinitely sustained without breaching the constitutional right to fair hearing.
During proceedings, lawyers representing all parties argued extensively. While lead counsel for the plaintiffs, Babajide Koku (SAN), urged a halt in proceedings due to a pending appeal, defence attorneys, including Dr. Muiz Banire (SAN), Chief Wole Olanipekun (SAN) and Chinonye Obiagwu (SAN), countered that the case should proceed under Justice Osiagor, who has inherent power to make fresh rulings.
The judge affirmed that: The transfer of the case to a new judge is not appealable.
The expired ex parte order is now academic and cannot be relied upon.
Proceedings will not be stalled due to references to the former presiding judge.
The case has been adjourned to November 25, 2025, for the hearing of the Motion for Joinder and to December 12, 2025, for the hearing of pending applications.
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