The Receiver-Manager overseeing Nestoil Limited and Neconde Energy Limited, Abubakar Sulu-Gambari (SAN), has rejected claims that court orders obtained against the companies are no longer valid, insisting that the directives remain legally enforceable.
Sulu-Gambari was responding to an editorial published by an online platform of The Guardian, which argued that ex parte orders granted by the Federal High Court in October 2025 had expired under the provisions of the Federal High Court (Civil Procedure) Rules, 2019.
In a statement, the Receiver-Manager maintained that the court orders remain in effect and have not been set aside. He explained that proceedings in the case were suspended after some defendants petitioned against the presiding judge, prompting the Chief Judge of the Federal High Court to direct a halt in the matter pending the outcome of the petition.
According to him, the suspension of proceedings means the orders issued on October 22, 2025, continue to subsist until the court decides otherwise.
Sulu-Gambari also dismissed allegations that he unlawfully occupied the companies’ headquarters in Victoria Island, Lagos, or sought to interfere with crude oil production and export activities linked to Oil Mining Lease (OML) 42. He described the claims as baseless and misleading.
The Receiver-Manager noted that his appointment was made through Deeds of Appointment dated August 19, 2025, and was publicly announced through notices published in national newspapers in October 2025.
He cautioned members of the public and business partners against entering into transactions or agreements involving Nestoil and Neconde without his approval.
According to him, any individual or entity acting on behalf of the companies without authorization from the Receiver-Manager could be exposed to legal consequences.
Sulu-Gambari further advised stakeholders to seek official clarification from his office rather than relying on anonymous legal commentaries published online.
The dispute traces back to a Mareva injunction issued by the Federal High Court in October 2025 following a debt recovery action brought by FBNQuest Merchant Bank Limited and First Trustees Limited, both subsidiaries of First Bank of Nigeria.
The financial institutions alleged that Nestoil, Neconde Energy, and their promoters owed liabilities totaling about $1.01 billion and N430 billion.
As part of the court’s orders, the companies’ assets, bank accounts, and shareholdings across several financial institutions were frozen. The court also appointed Sulu-Gambari as Receiver-Manager, granting him authority to take control of specified company assets, including Nestoil’s headquarters in Victoria Island, Lagos, pending the resolution of the case.
