Nestoil Limited and Neconde Energy Limited have regained possession of their corporate headquarters following compliance by the Inspector General of Police (IGP) with a recent Supreme Court judgment that restored control of the companies’ assets and operations.
The development marks a significant milestone in a long-running legal dispute that had drawn widespread attention across Nigeria’s oil and gas sector.
Sources confirmed that the companies peacefully reoccupied their headquarters on Thursday, paving the way for the immediate resumption of normal operations.
The Supreme Court had earlier delivered a unanimous judgment in favour of Nestoil and Neconde, setting aside orders issued by the Court of Appeal that froze the assets of the companies and related entities.
In its ruling, the apex court held that the Court of Appeal exceeded its jurisdiction by granting sweeping ex parte orders and injunctions in a matter that was not properly before it.
The Supreme Court also faulted the appellate court for what it described as a misuse of judicial process, including the issuance of a stay of proceedings at the Federal High Court.
By overturning the appellate court’s orders, the Supreme Court effectively restored control of the companies’ assets, operations and properties to Nestoil, Neconde and their board-appointed representatives.
The judgment, however, does not determine the substantive dispute, which remains before the Federal High Court.
The legal battle stems from a debt recovery action initiated by a consortium of lenders led by FBNQuest Merchant Bank Limited and First Trustees Limited. The lenders allege liabilities exceeding $1.1 billion arising from financing arrangements linked to oil assets.
The dispute escalated following the appointment of a receiver-manager, triggering disagreements over asset control, legal representation and possession of key corporate properties, including the companies’ headquarters.
With the Supreme Court ruling now implemented, Nestoil and Neconde have resumed control of their facilities while the substantive debt case continues before the Federal High Court.
Godfrey Eshiemoghie
Follow us on:
