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Nestoil: Court vacates receivership orders, starts case de novo

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In a turn of events in the case of Nestoil, FBNQuest merchant bank limited and Nestoil limited, Neconde energy limited, Ernest Azudialu-Obiejesi, Nnena Obiejesi/Glencoe energy UK limited, Fidelity bank plc, Mauritius Commercial Bank limited and Africa finance corporation, a Federal High Court Judge sitting in Kogi, Lagos State, Justice Daniel Osiagor has vacated all previous Orders on the receivership on Nestoil.

Recall that after several public outcries which followed the ex parte Orders granted by the embattled Judge Isaac Deinde Dipeolu on the matter, the case was transfered to Justice Daniel Osiagor of the Federal High Court, Ikoyi, Lagos State.

After listening to the submission of the lead Counsel, Chief Wole Olanipekun, SAN, Justice Daniel Osiagor said that all that Orders that had earlier been granted by Justice Isaac Dipeolu are null and void since the matter is starting de novo.

When the matter was mentioned before Osiagor today, Olanipekun leading a team of lawyers including senior advocates for the defendants urged the court to vacate all the orders since the case is starting de novo.

He added that the ex parte order of Justice Dipeolu placing the nestoil and neconde on receivership lapsed by effluxition of time having expired after 14 days.

According to the new judge who consequently vacated the receivership placed on nestoil and neconde, all parties in the matter shall be heard on merit.

Nestoil oil and neconde amongst other claims is accusing the banks of unlawful debits and penalties on its loan accounts. Also refusing the nestoil statement of accounts for over three years in spite of repeated demands.

Meanwhile, Nestoil shall demand the court to order for forensic of its affairs with lenders banks to be conducted independently by CBN customer protection unit now that the case will be heard on merit by Justice Daniel Osiagor who is known for upholding the rule of law in all his previous judgements.

Recall that Justice Dipeolu recently faced criticism and media backlashes over his controversial Order in the case involving Nestoil, FBNQuest merchant bank limited and Nestoil limited, Neconde energy limited, Ernest Azudialu-Obiejesi, Nnena Obiejesi/Glencoe energy UK limited, Fidelity bank plc, Mauritius Commercial Bank limited and Africa finance corporation.

Dipeolu who was tagged a corrupt judge last week by activists both in and outside Lagos State recently granted a controversial ex parte order in the Nestoil case which have now been vacates by Justice Daniel Osiagor who is starting the case de novo.

Our correspondent however reported that Justice Dipeolu was neither practical nor straightforward in the Order as he was accused of introducing unnecessary complications in the matter.

One of the pressure groups that condemned Dipeolu’s action was the Nigerian Equity and Justice Movement which said that the judge had erred and displayed judicial rascality especially when he granted an ex parte Order to appoint a receiver/manager over Neconde’s interest in OML 42.

According to Nigeria Equity and Justice Movement which condemned Dipeolu in the statement, the judge’s Order was the height of judicial impunity because it was made by a court without hearing the story of the person or persons against whom the order is made.

Saying that Dipeolu has undermined public confidence in him as a judge of the Federal High Court, the group noted that the ex parte Order is supposed to be made only in cases of exceptional urgency where the subject matter of the suit will likely be destroyed or dissipated irretrievably if the order was not made
immediately.

Recall the mind-boggling scandal which surfaced again over the controversial orders of Justice Dehinde Dipeolu in Suit No FHC/L/CS/2127/2025 on the ongoing legal battles between Nestoil and FBNQUEST MERCHANT BANK LIMITED with First Charge Holders (Senior Lenders) namely: Glencore Energy UK Limited, Fidelity Bank Plc, Mauritius Commercial Bank and African Finance Corporation seeking to join the Suit pending before the Federal High Court, Lagos and to set aside the Ex-parte orders of October 25th, 2025.

According to documents available to this newspaper, the First Charge Holders claim that the said Ex-parte Order was obtained by misrepresentation by the Plaintiff in the said Suit, and that the orders unlawfully restrict the First Charge Holders’ ability to access or manage their financial interest to the Defendants especially the 2nd Defendant (Neconde Energy Limited). Consequently, the said Senior Lenders on the 6th of November, 2025 sought to be joined in the suit as parties affected by the Order granted by Hon. Justice Dehinde Dipeolu in the Suit No. FHC/L/CS/2127/2025.

In a 335 page document presented before the Honourable Court by the said Senior Lenders to vacate the Order, the Senior Lenders prayed that it affected their interest and it was obtained unlawfully and by suppression of facts.

The aforementioned First Charge Lenders/Parties seeking to be joined filed a 55-paragraph Affidavit to support their application, accused the Plaintiffs who obtained the Ex-parte orders in Suit No. FHC/L/CS/2127/2025, appointing a Receiver/ Manager over the assets of the Defendants because they acted unlawfully and obtained the said Order by misrepresentation.

According to the documents available to Our correspondent, they specifically sought the vacation of Mr. Abubakar Sulu-Gambari as Receiver/Manager appointed by the Plaintiff.

The affidavit evidence accompanying the Application by the Senior Lenders (First Charge Holders) reveal that Nestoil lenders requested that 2nd Defendant (Neconde’s) interest in OML 42 should be provided as additional collateral for the repayment of the Nestoil loans; but Neconde (the 2nd Defendant in the Plaintiff’s Suit) had already used its interest in OML 42 as a collateral to secure the loans it obtained from the parties seeking to be joined.

The document reads in parts: “The aforesaid Neconde Lenders seeking to be joined created a first charge over the assets of Neconde including Neconde’s interest in OML 42. But the Neconde lenders refused to permit creation of a secondary charge or any charge on the assets of Neconde including its interest in OML 42 in favour of the lender represented by the Plaintiff.

“These were facts known to the Plaintiffs and even presented to Hon. Justice Dipeolu in all the processes filed by the Plaintiff on behalf of Nestoil Lenders. The big question is: On which basis did Hon. Justice Dipeolu grant the overreaching Orders empowering the Plaintiffs to appoint a Receiver Manager when the Hon. Justice himself declined to give judicial recognition of the appointment of the Receiver Manager by the Plaintiffs as contained in prayer 3 of the Motion Ex-parte?

“Another big question is on which basis did Justice Dipeolu grant the following Order and other similar Orders?
“That an order is hereby made granting leave to the Receiver/Manager to take over the 2nd Defendant’s (Neconde) office situate at 41/42 Akin Adesola Street, Victoria Island, Lagos; any other asset of the 2nd Defendant wherever it may be found within the jurisdiction of this Court; and/or the 2nd Defendant’s interest in OML 42 JV by virtue of the Deed of Appointment dated 21st of August, 2025, pending the hearing and determination of the Motion on Notice.”

It was also gathered that apart from Common Terms Agreement exhibited by the Plaintiffs in the Motion Ex-parte, the Plaintiffs did not exhibit any debenture on the assets of the 2nd Defendant. “Therefore, on what basis did the trial Judge make Orders against the 2nd Defendant, 3rd and 4th Defendants? the applicants queries in the documented..

“The Plaintiffs exhibited Common Term Agreement to their Motion Ex-parte but upon a perusal of the same Common Term Agreement, the assets of the 2nd Defendant were excluded because they were covered by First Charge Holders who never gave any consent to the Plaintiff Lenders to create any charge on the assets of the 2nd Defendant. With these documents before Hon. Justice Dehinde Dipeolu but how did the said Judge make far-reaching Orders against the 2nd Defendant whose assets were not part of the assets secured by the Plaintiffs Lenders?

The documents also read: “Having declined to accord judicial recognition of the appointment of the Plaintiffs’ Receiver/Manager as contained in Prayer 3 of the Plaintiff’s Motion Ex-parte, which other instrument (debenture or charge) did the Hon. Justice have before him to make the far-reaching orders involving the Police, Navy and DSS to assist the Receiver Manager and also directing the Receiver/Manager to proceed to sell crude oil, 2nd Defendant’s assets and interests in OML 42 JV?

“Why did he grant the Ex-parte Orders when the reliefs sought in the Motion Ex-parte, Motion on Notice and the Originating Summons are the same? Has Justice Dideolu not read the judicial authorities on this matter?

Meanwhile, a perusal of the Plaintiffs’ Affidavit seeking to obtain the Ex-parte Order, confirms that the debt relationship between the Netstoil and the Plaintiff’s Lenders have a long history of transaction (debt and repayment). “So why the urgency? the applicants queries further.

“Certainly, with the unfolding facts, these are matters that might be presented to the National Judicial Council to scrutinize judicial officers like Hon. Justice Dehinde Dipeolu who has refused to comply with the directives and warnings of the Chief Justice of Nigeria to Judges to exercise caution in granting far reaching Ex Parte Orders in contentious matters like these, as well as the settled position of judicial authorities in matters like this, which are replete.

“For instance, in the Supreme Court decision in ECOBANK NIGERIA LIMITED vs. HONEYWELL FLOUR MILLS PLC (2018) LPELR -45124(SC) where the Supreme Court held that the Ex Parte Asset Freezing Order obtained by Ecobank was wrongly granted, an abuse of Court Process and a clear breach of extant Laws and a deprivation of the right of fair hearing of the Respondent. The ECOBANK case is a significant reference point in Nigeria Commercial Law on the proper procedure for obtaining injunctions and the limits of judicial discretion in granting Ex Parte Orders.

“In the case of Sotuminu v. OCEAN STEAMSHIP NIG LTD & Ors (1992) 5 NWLR (Pt. 239)1, the Supreme Court of ruled that a Mareva injunction should not be granted or maintained if it prevents a Defendant from meeting their ordinary living expenses or their normal course of business or trade as it is a protective measure and not a punitive one designed to oppress the defendant or destroy their livelihood before a judgment has been reached and that the Applicant must show proof that there is a risk of the Defendant taking flight or dissipating the Assets, subject matter of the proceedings, otherwise a Mareva Injunction should not be granted.

“In spite of all these notable guidelines and principles, Justice Dipeolu granted a far reaching Order which appears deliberately aimed at destroying the business and livelihood of the Defendants as he restricted even the Personal Bank Accounts of the Directors of Nestoil traced through their Bank Verification Numbers (BVN), even when the veil of incorporation is not yet lifted, and also empowered the Plaintiffs to take over the Management of Assets and resources linked to Nestoil which are not even covered by the Debenture relied upon by the Plaintiffs. There was also no proof that the Defendants were in any way liable to dissipate the Assets before Judgment is reached in the case. The said grant of the far-reaching Ex Parte Orders by Justice Dipeolu clearly indicates the personal interest of the Judge in the matter as he has fettered his discretions to doing the bidding of the Plaintiffs by recklessly abusing his Office, to the extent of Ordering the DSS and the Navy to execute the Orders he granted in the favour of the Plaintiffs in a Civil Case contrary to the provisions of the Sheriffs and Civil Processes Act.

“Justice Dipeolu is a Judge of the Federal High Court under the Administrative authority of The Chief Judge of the Federal High Court. There is a common presumption that all judges of the Federal High Court are subject to the administrative direction of the Chief Judge of the Federal High Court and an administrative action by the Chief Judge to inquire into a Complaint of alleged recklessness and abuse of office by a Judge of the Federal High Court cannot be imagined or seen as the Chief Judge mounting pressure or fishing for a friendly Judge.

“It thus appears that the said allegation of mounting of Pressure made against the Chief Judge of the Federal High Court is an attempt by those whose bidding Justice Dipeolu is executing, to blackmail the Chief Judge of the Federal High Court from inquiring into the Petitions of recklessness and abuse of Office leveled against Justice Dipeolu”the document reads further..

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Dogara Praises Tinubu’s Reforms, Urges Collective Support for National Development

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Former Speaker of the House of Representatives, Chancellor of Achievers University, and Chairman of the Board of Trustees of the National Credit Guarantee Company Limited (NCGC), Rt. Hon. Yakubu Dogara, CFR, has commended President Bola Ahmed Tinubu’s reform initiatives in the education and security sectors, urging Nigerians to unite behind efforts aimed at driving sustainable development and national renewal.
Dogara made the call while delivering the Convocation Address at the 16th Convocation Ceremony of Achievers University, Owo, where he spoke on the theme, “Rethinking National Security for Sustainable Peace, Development and National Renewal.”
The former Speaker described education and security as critical foundations for nation-building, noting that the Tinubu administration has taken important steps to expand educational opportunities and strengthen Nigeria’s security architecture.
He particularly praised the Federal Government’s Student Loan Programme under the Nigerian Education Loan Fund (NELFUND), saying the initiative has provided thousands of Nigerian youths with access to higher education regardless of their financial circumstances.
According to Dogara, investing in education remains one of the most effective strategies for empowering young people and preparing them to contribute meaningfully to national growth and development.
He also applauded government efforts aimed at improving the welfare of university lecturers, describing quality education as indispensable to the country’s progress and future competitiveness.
Speaking on security, Dogara said no nation can achieve meaningful economic development without guaranteeing the safety of lives and property. He emphasized that security remains the foundation upon which investment, agriculture, commerce and social stability thrive.
While acknowledging that insecurity remains a challenge, he commended the Federal Government’s ongoing efforts to tackle terrorism, insurgency, banditry and kidnapping through enhanced military operations, intelligence-driven interventions and strengthened coordination among security agencies.
He noted that recent measures, including the expansion of security personnel recruitment and efforts to secure forested and rural communities, demonstrate government’s determination to create safer environments for citizens and businesses.
Dogara urged Nigerians to support these efforts through active citizenship, community cooperation and a shared commitment to national unity.
“Government alone cannot achieve lasting security and development. Every citizen has a role to play in building a peaceful, prosperous and united Nigeria,” he said.
The former Speaker stressed that national development requires collaboration among government, traditional institutions, faith-based organisations, educational institutions, the private sector and civil society groups.
As Chairman of the Board of Trustees of the National Credit Guarantee Company Limited, Dogara also highlighted the importance of creating an enabling environment where businesses can access opportunities, investments can flourish and entrepreneurs can contribute to economic expansion and job creation.
He noted that sustainable economic growth depends largely on peace, stability and confidence in public institutions.
Addressing the graduating students, Dogara challenged them to become agents of positive change by applying their knowledge, skills and talents toward solving societal problems and advancing national development.
He urged the graduates to embrace integrity, innovation and service as they embark on the next phase of their lives.
“If you become a lawyer, serve justice. If you become a doctor, serve life. If you become an engineer, build what our country needs. If you become an entrepreneur, create opportunities and jobs for others,” he said.
The former Speaker expressed optimism about Nigeria’s future, describing the country as a resilient nation blessed with abundant human and natural resources capable of achieving greater heights through visionary leadership and collective effort.
He called on citizens to remain hopeful and support ongoing reforms designed to strengthen institutions, expand opportunities and improve the welfare of the people.
Dogara concluded by congratulating the graduating students and encouraging them to use their education as a tool for service, leadership and national transformation.
The convocation ceremony attracted members of the university’s Governing Council, management, staff, alumni, parents and other dignitaries who gathered to celebrate the achievements of the graduating class and reaffirm Achievers University’s commitment to producing future leaders for Nigeria and beyond.

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CSO Gives GUO Logistics 72-Hour Ultimatum Over Fatal Crash That Killed Five Passengers

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A civil society organisation, Citizens for Good Governance, Rule of Law & Anti-Corruption Initiative, has issued a 72-hour ultimatum to GUO Logistics, demanding immediate engagement with the families of victims of a fatal road accident that reportedly claimed five lives and left several others critically injured.

The organisation, in a statement signed by its Director-General, Comr. Danesi Momoh Prince, expressed sorrow and outrage over the accident, which occurred at about 3:30 a.m. on August 28, 2026, involving a Toyota Hiace bus conveying more than 23 passengers from Gombe State to Lagos State.

According to the statement, the accident occurred after a truck reportedly belonging to GUO Logistics rammed into the passenger bus, resulting in the deaths of five persons, including students travelling to Lagos for their mandatory industrial training.

The deceased were identified as Isiyaku Sa’idu, Maigana Mohammed, popularly known as Abbati, Anas Abubakar, reportedly the driver of the bus, Zaiyanu Bajoga and Abubakar Ibrahim.

Describing the incident as devastating, the organisation said the victims were Nigerians pursuing education, employment and better opportunities, adding that the tragedy had cut short the dreams and aspirations of the deceased while leaving other passengers fighting for survival.

It called on GUO Logistics to demonstrate genuine concern for the victims and their families, warning that corporate reputation must not take precedence over human lives.

The group also expressed concern over allegations that efforts were being made to protect the company’s public image rather than adequately address the suffering of the victims and their families.
It consequently demanded that the management of GUO Logistics, within 72 hours, establish immediate contact with the families of the deceased and injured passengers through available passenger manifests, booking records and other travel documentation.

Other demands include urgent assistance for survivors, engagement with medical facilities to address their healthcare needs, and discussions with bereaved families on appropriate support and compensation in accordance with applicable laws and the outcome of investigations.

The organisation further demanded a public statement from the company outlining the steps being taken to address the incident, including an official communication channel through which affected families could seek assistance.

It also urged GUO Logistics to cooperate fully with relevant authorities investigating the circumstances surrounding the accident and ensure that all applicable legal responsibilities were addressed.

Clarifying the purpose of the ultimatum, the group said it was demanding immediate engagement and demonstrable humanitarian support, not the conclusion of a comprehensive accident investigation within three days.

The organisation warned that failure by the company to demonstrate meaningful engagement within the stipulated period could trigger nationwide mass picketing of its offices and operational facilities.

It said it would consider mobilising concerned citizens and relevant stakeholders for peaceful and lawful protests at GUO offices across the country, subject to applicable legal requirements.

The group also threatened to petition relevant regulatory and law enforcement authorities to ensure that the incident received the necessary attention.

While acknowledging that the precise circumstances of the accident and legal responsibility must be established through a thorough investigation, the organisation maintained that immediate humanitarian assistance to the survivors and their families should not be delayed.

It called on relevant government authorities, civil society organisations, student bodies and well-meaning Nigerians to support efforts to secure assistance for the injured and accountability for the lives lost.

The statement reaffirmed the organisation’s commitment to monitoring developments and engaging relevant stakeholders to ensure that the victims and their families were not forgotten.

“Our position is unequivocal: human lives must never be sacrificed at the altar of corporate reputation. The dead deserve dignity, the injured deserve urgent assistance, and the bereaved families deserve answers,” the statement said.

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FG Borrowing Justified By Huge Investment In Infrastructure, Improvements in Security Sector – Opposition Rep Agbese

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Hon. Philip Agbese, Labour Party leader in Benue State and member representing Ado/Okpokwu/Ogbadibo Federal Constituency, has strongly defended the Federal Government’s proposed $21.7 billion supplementary external borrowing plan.

According to Agbese, the funds are fully justified by the Tinubu administration’s massive investments in critical infrastructure and the gains recorded in the security sector.

The lawmaker described the borrowing as strategic financing for productive national assets rather than consumption spending.

Speaking against the backdrop of intense public debate over the 2026-2027 external borrowing proposal, the opposition figure argued that Nigerians must look beyond partisan lenses and assess the tangible returns already visible across roads, power, rail and defence.

He noted that the plan prioritises productive assets rather than consumption, aligning with the administration’s broader Renewed Hope agenda of rebuilding national capacity after years of underinvestment.

“This is not borrowing for the sake of borrowing. It is investment in the future of Nigeria,” Agbese stated.

“When you look at the allocation—over $10 billion for transport infrastructure alone, including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway and key rail corridors—you see a government deliberately creating assets that will generate long-term economic value far exceeding the cost of the loans.”

He continued: “The same applies to the significant portion dedicated to defence and security. Any serious nation prioritises the safety of its citizens.

“The Federal Government is putting resources behind the men and women in uniform so they can finish the job against bandits, terrorists and kidnappers.”

Agbese further highlighted the administration’s track record of project delivery under the Ministry of Works, citing the accelerated completion of major sections of the Abuja-Kaduna-Zaria-Kano highway using durable concrete pavement, the commissioning of initial segments of the Lagos-Calabar Coastal Highway, and hundreds of other road projects completed or advanced nationwide.

He pointed to parallel progress in the power sector, including approvals for East and West Super Grids aimed at raising transmission capacity dramatically, as evidence that borrowed funds are being channelled into real, visible development.

The lawmaker stressed that states and the Federal Capital Territory stand to benefit substantially from the package, with a sizeable share earmarked for subnational projects on largely concessional terms.

According to him, this structure ensures that the borrowing strengthens the federation rather than concentrating benefits solely at the centre.

“Look at what has been achieved in just over three years: major highways moving from paper to asphalt and concrete, rail lines advancing, and power infrastructure receiving the attention it has long been denied,” Agbese said.

“That is why the borrowing is justified. On security, the Armed Forces have recorded significant operational successes—neutralising thousands of terrorists and bandits, facilitating large-scale surrenders, and rescuing abducted citizens.

“Continued investment is necessary to consolidate these gains and expand the capacity of our security agencies,” he added.

Turning to the terms of the proposed financing, Agbese noted that a substantial portion comes from multilateral and bilateral partners at concessional rates, while commercial components remain competitive relative to previous market conditions.

He dismissed critics who focus solely on the headline figure without examining the quality of the underlying projects or the improved fiscal space created by earlier reforms such as subsidy removal.

The Benue lawmaker argued that opposition to the plan on purely political grounds ignores the infrastructure deficit inherited by the current administration and the urgent need to close it if Nigeria is to achieve sustainable growth and improved living standards.

He called on colleagues across party lines to prioritise national interest when the National Assembly considers the request.

“Every progressive country borrows to build. What matters is whether the money creates lasting assets and strengthens national security. On both counts, this plan passes the test,” Agbese declared.

“We in the opposition must be honest enough to acknowledge progress where it exists. The people of Ado, Okpokwu and Ogbadibo, like Nigerians everywhere, want better roads, reliable power and safer communities.

“The Federal Government is taking concrete steps in that direction, and supporting the necessary financing is the responsible thing to do,” he concluded.

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