The receiver manager of Nestoil Limited, Abubakar Sulu-Gambari, has dismissed claims that court orders backing his actions have expired, insisting that the orders remain valid and enforceable.
In a rejoinder on Wednesday, Sulu-Gambari faulted an editorial published by a national daily on November 14, 2025, on the enforcement of the ex parte orders.
The editorial reportedly cited opinions from legal experts who argued that the ex parte orders obtained from the federal high court in suit number FHC/L/CS/2127/2025 had elapsed by operation of the court (civil procedure) rules 2019.
However, Sulu-Gambari said the position advanced in the publication was inaccurate.
The receiver-manager said allegations that he took possession of the companies’ head office in Victoria Island and attempted to disrupt crude oil production and export activities in OML 42 are false and unfounded.
He said the claims “can potentially give rise to liability for false and malicious publication”.
“The writers of the editorial may wish to take legal advice from their ‘legal experts’ in this wise,” Sulu-Gambari said.
“Be that as it may, the undersigned was appointed Receiver/Manager over the companies pursuant to the Deeds of Appointment dated August 19, 2025, notification of which was made at pages 45-46 and 32-33 of the Punch and Guardian Newspapers of October 29, 2025.
“It is pertinent to note that the said Order of the Federal High Court (Civil Procedure) Rules which the editorial is purportedly based upon is clearly subject to the direction of the Court as noted by the writer.”
The receiver-manager further cautioned members of the public against dealing with persons purporting to act on behalf of the companies without his knowledge and authorisation.
The notice stated that any transactions, commitments or contracts entered into on behalf of Nestoil or Neconde without the receiver-manager’s consent could be deemed illegal and attract legal consequences.
The dispute centres on the receivership of Nestoil Limited and Neconde Energy Limited, two companies with significant interests in Nigeria’s oil and gas sector.
In October 2025, the federal high court granted ex parte orders in relation to the receivership proceedings involving the companies.
On October 22, a federal high court in Lagos issued an order of Mareva authorising First Trustees and its subsidiary, FBNQuest Merchant Bank, to take over Nestoil’s assets.
Days later, Nestoil was placed under receivership by a consortium of lenders over an alleged debt of $1.01 billion and N430 billion following a federal high court order.
However, Nestoil, its affiliate, Neconde Energy, Azudialu-Obiejesi and Obiejesi obtained another high court injunction directing the receiver to suspend further action.
Subsequently, police sealed off the company’s corporate headquarters in Victoria Island, Lagos.
On December 1, 2025, it was reported that Nestoil’s corporate office was repossessed by a receiver following a “restorative injunction” by a court of appeal.
