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.

Published

2 months ago

June 6, 2026

OCHEFA

132 Views

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

Up Next

Senate’s approval of Sugar – Sweetened Beverages Tax Bill, Shocking, says CPPE, Lobbying Reps for rejection

Don't Miss

Official / Black Market Exchange Rates Today, Tuesday June 9, 2026

Click to comment

Business

TCN improves Power Supply to Apapa corridors by additional 208MW

The upgrade replaces an outdoor transformer that had served as a stopgap after the original facility, commissioned in 1985, was decommissioned.

Published

1 day ago

August 18, 2026

OCHEFA

29 Views

The Managing Director/Chief Executive Officer of the Transmission Company of Nigeria (TCN), Mr. Sule Ahmed Abdulaziz , says from now Apapa Causeway, Ijora, Amukoko, Ajegunle, Apapa Wharf, Tin Can Island and other major commercial areas, will be having improved power supply.

Abdulaziz made the declaration on Monday during the commission of Ijora and Apapa Road transmission substations in Lagos by additional 208MW .

The project is aimed at improving the volume and reliability of electricity available to distribution companies for onward supply to homes, businesses and industries.

Abdulaziz said that the projects, sponsored by the Japan International Cooperation Agency (JICA) and the World Bank respectively, in partnership with TCN, underscored the Federal Government’s commitment to modernising the transmission network and improving grid stability.

He commended the Ministry of Power, JICA, the Government of Japan, Lagos State Government and other stakeholders for supporting the projects, while appealing for additional grant assistance to upgrade other critical sections of the transmission network.

Speaking at the commissioning, Minister of Power, Mr. Joseph Tegbe, said that the projects were part of the Federal Government’s efforts to address longstanding transmission constraints and infrastructure decay that have limited the country’s ability to fully utilise available generation.

The upgrades increased the Ijora substation’s capacity by 112MW, from 90MVA to 230MVA, following the installation of two new 100MVA transformers.

At Apapa Road, a new Gas Insulated Substation (GIS) added another 96MW, raising the facility’s capacity from 60MVA to 180MVA.

The upgrade replaces an outdoor transformer that had served as a stopgap after the original facility, commissioned in 1985, was decommissioned.

Business

CBN’s Sidi-Ali wins 2026 overall Spokesperson of the Year Award, courtesy of NSA

Published

1 day ago

August 18, 2026

OCHEFA

33 Views

•Mrs Hakama Sidi Ali.

The Ag. Director of Corporate Communications of the Central Bank of Nigeria (CBN), Mrs. Hakama Sidi-Ali, has won the 2026 edition of the National Spokespersons Award (NSA).

The recognition was announced during the 6th National Spokespersons Awards and the 4th Economic Confidential Annual Lecture, organised by Image Merchants Promotion Limited (IMPR), publishers of PRNigeria, Economic Confidential and Spokespersons Digest, held in Abuja, recently.

The organisers stated: “With the latest honour, Sidi-Ali completed an unprecedented hat-trick at the National Spokespersons Awards, becoming the first communications professional to progress from winning a sector-specific award twice consecutively to claiming the overall Spokesperson of the Year title.