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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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CSOs Urge Senate to Halt Wasteful NNPCL Probe, Focus on Sector Reforms

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A Coalition of Civil Society Organisations on Transparency and Accountability, has called on the Nigerian Senate to discontinue what it described as a misdirected and embarrassing probe into an alleged missing ₦210 trillion from the Nigerian National Petroleum Company Limited (NNPCL), urging lawmakers instead to concentrate on substantive reforms in the petroleum sector.

The Coalition in a press statement jointly signed by Comrades Danesi Momoh Prince and Igwe, Ude-Umanta, Conveners for Empowerment for Unemployed Youth Initiative and Guidance of Democracy and Development Initiative respectively, criticised the ongoing investigation as a circus show that lacks factual basis and wastes public resources.

According to the CSOs, “since last year, the Senate of the Federal Republic of Nigeria through its Public Accounts Committee has embarked on a senseless rigmarole and shadow chasing in the name of recovering N210 trillion naira missing (only in their imagination or mischief) from the NNPCL.

This circus show is meant for the committee to appear to be doing something, thereby inadvertently tarnishing the images of those the so called investigation points at and infuriating uninformed Nigerians against them. We insist that the Senate knows deep in their hearts that no such amount of money is missing. So only them can explain what they are actually up to.

“The claim of a missing ₦210 trillion is imaginary and unsubstantiated. The Senate’s continued focus on the allegation diverts attention from critical issues affecting Nigeria’s oil and gas industry. We are deeply concerned that the Senate is investing time and taxpayer money into probing figures that have no credible backing.

“This approach not only misleads the public but also undermines the seriousness of legislative oversight. It is our informed position that the Senate should prioritise pressing challenges in the petroleum sector, including transparency in oil revenue management, fuel subsidy concerns, regulatory inefficiencies, and the implementation of the Petroleum Industry Act (PIA).

“Already, the Economic and Financial Crimes Commission (EFCC) has already looked at the records under review. We believe that if there are further questions, those involved will answer them or face the consequences there of. It is not for the Senate to continue to create the impression that some people may have stolen N210 trillion of public money. It is not correct under the circumstance and it should stop. This appears to be pure legislative shenanigans.

“Sensational and unfounded probes can risk eroding investor confidence and damaging the credibility of Nigeria’s governance institutions. Since the petroleum sector remains the backbone of Nigeria’s economy, what is needed now is focused, data-driven oversight as against the clout chasing investigations.

The Coalition equally charged the Nigerian Senate to come clean and sanitise their house against the myraid accusations and allegations that have trailed their activities

“We think the Senate should rather be sober at this time the National Assembly is being accused of legislative rigging of the 2026 Electoral Act or deliberate insertion of clauses clearly designed for electoral fraud.

“Let us further remind Nigerians that since the inauguration of the 3rd National Assembly till this 10th one, the National Assembly has never recovered a kobo for Nigeria in all their probes. Instead, a lawmaker has gone to prison for receiving bribe during an orchestrated probe of the oil sector (which is exactly the same as this one by Public Accounts Committee of the Senate).

“Our suspicion based on the antecedents of the National Assembly is that the Senator Aliyu Wadada Public Accounts Committee may be trying to force the accused persons to compromise. This is electioneering time and we know some of the politico-financial undercurrents.

The CSOs concluded by calling for a more responsible and evidence based approach from lawmakers, emphasising the need for reforms that would enhance “accountability, efficiency, and sustainable growth in the sector.

“We all support public accountability. But when they come with deliberate public misinformation, bandied figures and attempt to embarrass those who offered meritorious national service, it must be rejected in the interest of justice and fairness. The Senate should abandon this embarrassment of a so called probe and focus on issues that are relevant to national economy and development.

“Infact, we wish to advise the Senate to help the unemployed, underemployed and masses of the Nigerian people by focusing on how NNPCL can deliver better under the current leadership where the business of the company appears more secret and veiled than security information and activities”.

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2027: TMG Plans Mass Mobilisation for Tinubu

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The Tinubu Mega Group (TMG) has ignited what observers are already describing as a nationwide political wave, rolling out an aggressive, multi-layered mobilisation strategy ahead of its historic May 17, 2026 National Convention in Abuja.

In a bold declaration of intent, the group, a formidable coalition of over 1,500 organisations cutting across civil society, professional bodies, labour unions, artisan networks, and grassroots movements, stated that Nigeria is witnessing the rise of an unprecedented national alignment in support of President Bola Ahmed Tinubu.

The development was made known in a statement signed on Monday in Abuja by Kennedy Tabuko on behalf of the National Secretariat. TMG announced that the countdown to May 17 will not be business as usual, but a relentless, coordinated national build-up designed to dominate public discourse, energise supporters, and firmly position the convention as the single most consequential political convergence in recent Nigerian history.

From the following days, the group will flood the media space with daily high-impact engagements, including front-page newspaper features, primetime television appearances, and strategic radio domination across all geopolitical zones. According to TMG, the objective is clear, to ensure that the voice of millions of Nigerians resonates in every corner of the country.

On the digital front, the group is activating a full-scale online offensive, deploying influencers, content creators, and grassroots digital networks to drive viral conversations under coordinated messaging. Daily videos, testimonials, and real-time mobilisation updates will showcase the growing momentum behind the movement.

Beyond the media, TMG revealed plans for simultaneous street-level actions across states, including coordinated road walks, market activations, and community rallies, transforming the build-up into a visible, people-driven movement.

In what it described as a “clear demonstration of unstoppable momentum,” the group confirmed that it will begin releasing milestone figures from its nationwide endorsement drive, building up to the formal presentation of 20 million signatures at the convention.

As the date draws closer, TMG will escalate its activities with a high-profile national media tour, massive outdoor visibility campaigns, and a final wave of coordinated engagements designed to ensure total national attention.

The group emphasised that the May 17 Convention will not merely be an event, but a defining national moment where a broad coalition of Nigerians will publicly and decisively endorse President Bola Ahmed Tinubu.

“This is not just mobilisation, this is a movement. This is the convergence of millions of voices across professions, regions, and social classes. Nigeria is aligning, and the message is unmistakable,” the statement declared.

TMG further assured that all activities will be conducted peacefully and in line with democratic principles, while urging Nigerians to be part of what it described as “a historic show of unity and national direction.”

With preparations now in full throttle, all eyes are on Abuja as May 17 approaches, a date TMG insists will redefine the scale and structure of civic and political engagement in Nigeria.

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NITDA Pursues Total Cyber Resilience, Drives Nigeria’s Digital Transformation Agenda

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The National Information Technology Development Agency (NITDA) is intensifying its push to position Nigeria as a globally competitive digital economy, pursuing an ambitious agenda spanning cybersecurity, digital literacy, artificial intelligence governance, and strategic partnerships across the public and private sectors.
Under the leadership of Director General Kashifu Inuwa Abdullahi, CCIE, the agency has been repositioned as a focal point for digital transformation and innovation, managing the national computer emergency response team, implementing the National Digital Literacy Framework, and driving the Strategic Roadmap and Action Plan 2.0, all geared toward building a sustainable digital economy.
The Citizen Watch Advocacy Initiative (CWAI), in a statement signed by its Director of Media and Stakeholders Engagement, Mahmud Bello, said Inuwa’s tenure has recorded measurable gains in staff performance, institutional development, capacity building, and digital skills development for Nigerian youth at a scale not previously achieved since the agency’s establishment.
At a recent stakeholders’ meeting themed “Creating Opportunities, Breaking Boundaries,” the Director General described digitalization as the primary engine for economic transformation in an increasingly interconnected world, warning that Nigeria must deliberately position itself to harness technological advancements or risk being left behind in the global race for innovation. He noted that as Africa’s largest economy by GDP, Nigeria stands at a pivotal crossroads where the digital sector offers a strategic pathway for economic diversification and job creation.
NITDA has already established over 100 information technology centres nationwide to support learning and bridge the digital divide, though the Director General stressed that the long-term sustainability of these infrastructures depends on deeper cooperation across all sectors of the economy.
On the cybersecurity front, Abdullahi sounded a major alarm at the 2026 GITEX Africa Summit, declaring that the era of treating cybersecurity as a routine IT problem is over. Speaking on the theme of Total Resilience, he argued that as artificial intelligence-powered threats grow more elusive and destructive, Nigeria’s defense strategy must evolve into a multi-dimensional approach involving every level of society, from government institutions down to individual citizens.
“Cybersecurity is no longer just a technical issue. It is a strategic imperative for national development. We must think beyond technology alone and build resilience through people, processes, regulations, and infrastructure,” he said.
Citing data showing that 95 per cent of all digital breaches originate from human error, Abdullahi argued that even the most sophisticated encryption is rendered useless when the human element is compromised. NITDA’s response is a drive to turn every Nigerian citizen into what it describes as a “human firewall,” the first and most critical line of defense against AI-driven attacks.
To that end, the federal government has launched a comprehensive National Digital Literacy Programme with a target of achieving 95 per cent digital literacy nationwide by 2030, with an interim benchmark of 70 per cent by 2027. The “3 Million Tech Talent” programme complements this effort, developing Nigerian expertise across cybersecurity, data science, and artificial intelligence through hackathons, innovation challenges, and mentorship schemes.
NITDA is also deepening its institutional partnerships to secure critical infrastructure, working with agencies including the Nigeria National Petroleum Company Limited, the Federal Character Commission, the Corporate Affairs Commission, ICPC, NYSC, SMEDAN, and NigComSat, among others.
In a demonstration of its commitment to policy dialogue, NITDA recently hosted the Director General of the National Institute for Policy and Strategic Studies (NIPSS), Professor Ayo Omotayo, alongside participants of the Senior Executive Course 48 in 2026 for a strategic study tour. The engagement focused on digital innovation’s role in driving sustainable economic growth, with particular attention to what the agency described as the Orange Economy, a creative and intellectual property-driven sector encompassing digital content creation, film animation, and digital art.
“With our youthful population and rich cultural assets, Nigeria is well-positioned to become a global leader in the Orange Economy if we deepen collaboration and investment across the ecosystem,” Abdullahi stated.
At the Nigerian Satellite Week 2026 in Abuja, themed “Harnessing Space Technology for an Extraordinary Nigeria,” the NITDA chief outlined four principles he said should guide digital transformation: enabling rather than controlling the ecosystem; prioritizing networks over institutions; developing talent while supporting innovation; and focusing on platforms rather than isolated projects. He noted that Nigeria’s emerging space technology sector is now a significant economic driver, with the country’s “Sunrise Packet” projected to contribute over 1.5 billion United States dollars to the economy by 2030.
CWAI, which described cyber resilience as “a collective responsibility,” called on all sectors to support NITDA’s initiatives, including platforms such as GITEX Africa, GITEX Nigeria, and Digital Nigeria, which provide visibility for start-ups while attracting investment, partnerships, and mentorship to fuel inclusive national growth.

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