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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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Aondoakaa, Others Top lists of INEC’s For Benue Guber poll

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The Frontline runner of the Benue State governorship election come 2027 in Benue State under the platform of the Peoples Democratic Party, PDP and former Attorney General of the Federation, Chief Michael Kaase Aondoakaa, SAN has top the list of the final flagbearers to run for the poll come 2027.

The Benue State governor and candidate of the All Progressives Congress (APC), Rev. Fr. Hyacinth Alia and Prof. Terhemba Shija of the Nigeria Democratic Congress (NDC) have made the final list of governorship candidates released by the Independent National Electoral Commission (INEC) for the February 6, 2027, governorship election.

Other candidates on the list are Herman Iorwase Hembe of the African Democratic Congress (ADC), Nyibiam Kwaghshir of the Action Democratic Party (ADP), Adagba Iorhen of the Allied Peoples Movement (APM), Mercy Ujah Engole of the Action Peoples Party (APP), Dominic Ochenehi of the Democratic Leadership Alliance (DLA), Mathias Terwase Byuan of the Labour Party (LP), Terese Paul Wombo of the National Rescue Movement (NRM), Roseline Ada Chenge of the People’s Redemption Party (PRP), and Simon Ocheme Ogbe of the Zenith Labour Party (ZLP) respectively.

Chief Michael Aondoakaa, SAN, had promised to establish specialised geriatric units in hospitals across the state to provide free basic healthcare and minor surgical procedures for elderly citizens if elected governor in 2027.

He maintained that the the initiative would form part of his administration’s broader agenda on healthcare, security, pensioners’ welfare, infrastructure development and prudent management of public resources.

The PDP candidate said government had both a moral and constitutional responsibility to cater for citizens who had spent their productive years contributing to the development of the state.

According to him, the proposed geriatric units would be specially equipped to provide elderly people with quality and specialised medical care in a conducive environment.

He said basic healthcare services and minor surgical procedures would be provided free of charge to senior citizens under the proposed programme.

“We have a duty to care for our elderly people who are in their late 60s, 70s, 80s and older.

“Beyond government responsibility, it is part of our African culture to honour and support those who have worked hard and sacrificed for society. They deserve access to quality healthcare and dignity in old age,” Aondoakaa said.

He said his administration, if elected, would place healthcare and security among its foremost priorities, stressing that the two sectors were fundamental to the wellbeing and development of the state.

“Our healthcare system must be responsive to the needs of ordinary people, especially the vulnerable and the elderly.

“At the same time, government must take seriously its responsibility to protect lives and property because security is the foundation of development,” he stated.

On the recurring debate over livestock management and ranching in the state, Aondoakaa maintained that ranching should primarily remain a private business venture, with government creating the necessary environment for private investors and livestock owners to operate.

“Ranching is a private enterprise. Government’s role is to create an enabling environment, not to take over the business itself,” he said.

The PDP candidate also expressed concern over the hardship faced by retired civil servants in the state, particularly those affected by outstanding pensions and gratuities.

Aondoakaa argued that workers who dedicated several decades to the service of the state should not face hardship and uncertainty after retirement.

“Those who spent their productive years serving the state should not be abandoned in retirement.

“Pensioners are entitled to their benefits and should be treated with dignity and respect,” he said.

He further argued that the payment of salaries, pensions and gratuities should not be portrayed as extraordinary achievements by any government, describing them as fundamental obligations arising from the relationship between the state and its workforce.

“Salaries and pensions are not favours. They are obligations arising from the relationship between government and its workers.

“Fulfilling those obligations should be routine and not something that is celebrated as an extraordinary achievement,” Aondoakaa added.

On infrastructure, the PDP governorship candidate promised to adopt a more consultative, professionally driven approach to conceiving and executing major government projects.

He said his administration would subject major projects to rigorous scrutiny while involving relevant ministries, technical experts and other stakeholders to ensure that public funds were properly utilised.

“There will be proper consultation before major projects are undertaken. Our focus will be on infrastructure that improves the lives of the people and delivers measurable value for public funds,” he stated.

Aondoakaa also pledged to make greater use of the expertise and institutional knowledge available within the state’s civil service.

He described career civil servants as a reservoir of technical competence and institutional memory, saying their knowledge should be better utilised in government planning and project implementation.

“Our civil servants possess invaluable knowledge and experience. They understand how government works and should be actively involved in planning and implementing development projects. We must make better use of that expertise,” he said.

The former Attorney General said his administration would also prioritise policies capable of translating public resources into tangible improvements in the lives of residents.

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ENGR. BELLO BABAYO BELLO CELEBRATES GOVERNOR INUWA YAHAYA AT 65, COMMENDS HIS LEGACY OF TRANSFORMATION

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The Executive Director, Network, Niger Delta Power Holding Company (NDPHC), Engr. Bello Babayo Bello, has paid glowing tribute to the Governor of Gombe State, His Excellency Muhammadu Inuwa Yahaya, on the occasion of his 65th birthday, describing him as a visionary leader whose administration has redefined governance and accelerated development across the state.
Engr. Bello, in a congratulatory message made available to journalists, said Governor Inuwa Yahaya’s journey in public service has been marked by discipline, integrity, and an unwavering commitment to the progress of Gombe State and its people.
According to him, the Governor’s leadership has produced measurable improvements in critical sectors of the state’s economy while fostering a culture of transparency, accountability, and prudent resource management.
“As Governor Inuwa Yahaya celebrates his 65th birthday, Gombe State has every reason to celebrate a leader whose vision has continued to shape the future of the state. His commitment to good governance, infrastructural renewal, economic diversification, and human capital development has laid a strong foundation for sustainable growth and prosperity.”
Engr. Bello noted that beyond physical projects and policy achievements, the Governor’s greatest strength lies in his ability to inspire confidence, unite diverse interests, and build consensus around the collective aspirations of the people.
He described Governor Inuwa Yahaya as a statesman whose calm disposition, strategic thinking, and inclusive leadership style have earned him widespread respect across political, business, and community circles.
“The Governor represents a rare blend of experience, wisdom, humility, and courage. His leadership has demonstrated that genuine development is achieved not merely through promises but through deliberate actions and a clear sense of purpose. His accomplishments today stand as enduring testimony to his dedication to public service.”
The NDPHC Executive Director further stated that the Governor’s developmental strides have elevated the profile of Gombe State and strengthened the confidence of investors, development partners, and stakeholders in the state’s future.
He added that Governor Inuwa Yahaya’s administration has become a reference point for effective governance, with policies designed to create opportunities, improve livelihoods, and promote long-term economic stability.
“As he marks this remarkable milestone, we celebrate not only the years he has spent on earth but the positive impact he has made in the lives of countless people. His legacy is one of service, vision, and transformational leadership.”
Engr. Bello prayed for Almighty God to continue to bless the Governor with sound health, greater wisdom, and renewed strength as he continues to serve the people of Gombe State and contribute to Nigeria’s development.
“On behalf of my family, associates, and well-wishers, I extend heartfelt congratulations to His Excellency, Governor Muhammadu Inuwa Yahaya, on his 65th birthday. May the years ahead bring even greater accomplishments, fulfillment, and continued service to humanity.”

Signed:
Engr. Bello Babayo Bello
Executive Director, Network
Niger Delta Power Holding Company (NDPHC)

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NNRA Allegations: IADI Demands Evidence, Says Audit Queries Not Proof of Fraud

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The Integrity Advocacy for Development Initiative (IADI) has called for a thorough, evidence-based examination of allegations of financial misconduct involving the Nigerian Nuclear Regulatory Authority (NNRA), warning against treating audit observations and media reports as established cases of fraud.

IADI Executive Director, Comrade Ofomhi Christopher, made the call on Wednesday at a press briefing in Abuja titled, “On the Allegations Concerning the Nigerian Nuclear Regulatory Authority (NNRA): Facts, Clarifications and the Need for Evidence-Based Accountability.”

The group was reacting to a publication by Secrets Reporters dated October 1, 2026, which alleged that about N6.69 billion was involved in contract fraud and misappropriation at the NNRA.

It also referred to a protest held on October 5 by Global Integrity Watch (GIW) at the NNRA headquarters, where the organisation demanded accountability, responses to audit observations and Freedom of Information requests, as well as changes in the leadership of the regulatory authority.

Christopher said while the allegations deserved scrutiny, they should not be treated as established facts without verification of the underlying records.

According to him, the public deserves to know the specific audit observations, periods and transactions involved, the nature of the contracts, the status of the projects or services, responses provided by the NNRA and whether the issues had been resolved or referred for further investigation.

“An audit observation is a serious matter requiring explanation and verification, but it is not, by itself, a judicial finding of fraud or personal misappropriation,” he said.

The IADI chief also referred to an explanation reportedly provided by the NNRA Director-General concerning the authority’s 2024 capital budget.

He said the explanation put the NNRA’s total 2024 capital budget at about N2.7 billion, comprising approximately N200 million belonging directly to the authority and about N2.5 billion for constituency projects, with an additional N200 million regional project bringing the figure referenced to about N2.9 billion.

Christopher, however, stressed that the explanation should not be regarded as conclusive, urging that it be tested against appropriation documents, budget releases, project records, procurement documents, payment records and audit reports.

“That is how responsible accountability should work: a claim is made, the response is heard, the records are examined, and the evidence determines the conclusion,” he said.

On allegations concerning unexecuted projects, the organisation called for physical verification of the specific projects, while allegations of inflated contract prices should be subjected to scrutiny of contracts, bills of quantities, procurement records and relevant price benchmarks.

It also urged that allegations concerning contractors be examined through relevant procurement and ownership records, while any claim of diversion or misappropriation should be established through the financial trail.

Christopher said where audit authorities had raised observations on expenditure, the public should be informed of the precise observations, the affected institution’s response and the current status of the issues.

The organisation also addressed the October 5 protest by GIW, acknowledging the constitutional right of civil society organisations to peaceful assembly and association under Section 40 of the Constitution.

It, however, urged CSOs to exercise such rights responsibly and within the law.

On Freedom of Information requests, IADI said there should be a distinction between the right to protest and the legal mechanism available where an FOI request is not answered.

The organisation noted that the Freedom of Information Act provides a judicial mechanism for applicants who have been denied access to information, adding that Section 20 allows an applicant to approach the court for a review.

IADI clarified that it was not suggesting that CSOs must obtain a court order before organising peaceful protests.

Rather, Christopher said, where non-compliance with an FOI request was the central grievance, the statutory and judicial mechanisms should be considered alongside legitimate civic action.

“An unanswered FOI request may justify further action to obtain the information. It does not, by itself, establish that fraud, misappropriation or any other wrongdoing has occurred,” he said.

The group also urged organisers of protests at government agencies to take public safety, access to government premises and the safety of protesters, workers and other citizens into consideration.

At the same time, it cautioned government institutions against using the possibility of confrontation as a justification for suppressing lawful civic expression.

“The answer to institutional disagreement should be law, evidence and due process, not intimidation or retaliation,” Christopher said.

He stressed that IADI was neither seeking to shield the NNRA from scrutiny nor dismiss legitimate questions concerning public expenditure at the authority.

He called on relevant audit and oversight bodies to state the status of the observations in question, the responses received from the NNRA and whether the matters had been resolved, sustained or referred for further investigation.

The organisation also encouraged CSOs pursuing accountability to make full use of available legal and institutional mechanisms while retaining their legitimate right to peaceful civic action.

“The public deserves accountability. But the public also deserves accuracy, fairness and evidence.

“A headline is not a verdict. An allegation is not evidence. An audit observation is not automatically a finding of personal guilt,” Christopher said.

He added that public institutions should not expect their expenditure to escape scrutiny merely because questions were raised through the media or civil society.

“Let the records be examined. Let the questions be answered. Let the evidence speak,” he said.

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