Business
BREAKING: Nestoil/Neconde Reclaims Headquarters After IGP Complies with Supreme Court’s Ruling
The case stems from a long-running debt recovery action by a consortium of lenders led by FBNQuest Merchant Bank Limited and First Trustees Limited.
Image credit : Arise News
The Inspector General of Police has fully complied with the Supreme Court’s judgment, paving the way for Nestoil Neconde to peacefully move back into its corporate headquarters today.
The move marks the resolution of a long-standing dispute, with the company regaining control of its property in line with the Supreme Court’s directive.
Operations are expected to resume immediately following the reoccupation.
This development brings to a close a high-profile legal battle that had drawn attention across the oil and gas sector.
A five-member panel of the Supreme Court delivered a unanimous judgment in favour of Nestoil Limited and Neconde Energy Limited.
The apex court set aside the Court of Appeal’s earlier order that froze the assets of Nestoil, Neconde, and related entities.
It ruled that the Court of Appeal exceeded its jurisdiction by granting sweeping ex parte orders and injunctions in the matter.
The Supreme Court criticised the appellate court for assuming jurisdiction when the matter was not properly before it and for misuse of the judicial process, including issuing a stay of proceedings at the Federal High Court.
The ruling effectively restores control of the companies’ assets and operations to Nestoil/Neconde and their board-appointed representatives while the substantive $1.1 billion debt dispute continues at the Federal High Court.
The case stems from a long-running debt recovery action by a consortium of lenders led by FBNQuest Merchant Bank Limited and First Trustees Limited.
The lenders alleged over $1.1 billion in liabilities tied to financing for oil assets. A receiver/manager had been appointed, leading to disputes over asset control, legal representation, and possession of properties (including Nestoil’s headquarters).
Source: Arise News
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EURO (EUR) Buy ₦1, 580 Sell ₦1,600
CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370
CHINESE YUAN Buy ₦180 Sell ₦200
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460
CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
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