Ernest Azudialu Obiejesi’s Nestoil Limited and its affiliates scored a major legal victory yesterday November 20, 2025, as the Federal High Court in Lagos vacated the Mareva injunction that had frozen the company’s assets and those of its directors over an alleged $1 billion debt claim.
Justice Daniel Osiagor issued the order following a transfer of the case from Justice Dehinde Dipeolu to his court.
The court declared that the disputed ex parte order had lapsed and was no longer in effect after hearing arguments that the order became spent 14 days after the filing of a motion to set it aside, in accordance with the Federal High Court Rules.
Justice Dipeolu had, on October 22, 2025, granted a far-reaching Mareva injunction restraining Nestoil, its affiliate Neconde Energy Limited, and the company’s promoters, Dr Ernest Azudialu-Obiejesi and Nnenna Obiejesi, from tampering with funds, shares, and other assets in over 20 financial institutions.
The order had also empowered First Trustees Limited and FBNQuest Merchant Bank Limited, acting for a consortium of creditor banks, to take possession of Nestoil’s assets under receivership.
At Thursday’s proceedings, Babajide Koku, SAN, appeared for the plaintiffs; Dr Muiz Banire, SAN, represented Nestoil; Chief Wole Olanipekun, SAN, leading Mr Bode Olanipekun, SAN, appeared for Neconde Energy Limited; while Chinonye Obiagwu, SAN, and Kehinde Ogunwumiju, SAN, represented the third and fourth defendants respectively. Counsel Olufemi Oyewole appeared for the parties seeking to be joined.
After hearing oral arguments, Justice Osiagor ruled that the ex parte Mareva injunction had expired 14 days after the filing of a motion to set it aside, rendering any arguments based on the order academic.
The court also noted that the decision to transfer the matter to a new judge is not subject to appeal and emphasised that proceedings would not be stayed simply because filings at the Court of Appeal referenced the previous judge.
The ruling effectively restores Nestoil Limited’s control over its assets and represents a major procedural victory for the company and its affiliates in the ongoing dispute with FBNQuest Merchant Bank and First Trustees Limited.