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Nestoil Secures Major Win as Court Removes Asset Freeze in $1bn Dispute
• Security personnel vacate office premises
• Company says damage to property undergoing assessment
Nestoil last night took possession of its office headquarters in Lagos after an initial defiance by some security agencies of a November 20, 2025 court order by Justice Daniel Osiagor, which directed them to immediately withdraw their officers from the premises of the defendants.
Lawyer to the defendants, Chino Obiagwu (SAN) who confirmed the development yesterday, noted that despite the overreaching orders by the courts, the police had declined to vacate the property as well as other assets, including its bank accounts, which were earlier frozen.
In the high-profile debt dispute between FBNQuest Merchant Bank Limited, First Trustees Limited, and oil and gas conglomerate Nestoil Limited, the Federal High Court in Lagos had directed the Lagos State Police Command to immediately withdraw its officers from the premises of the defendants.
“The Court yesterday (Friday) vacated the ex parte that was granted by the court for First Trustees to take possession of Nestoil Towers, among others, and freeze the account. So, all those orders were overreaching and yesterday the courts, the same federal high court, vacated all the orders and directed that Nestoil should recover their possessions and recover the accounts and other assets.
“ So, we have been making efforts to take possession, but the CP refused to withdraw his men until this evening due to pressure from all angles, the CP has withdrawn his men and the company has taken full possession of the Nestoil Towers,” Obiagwu stated.
While stressing that gaining access into the corporate offices was difficult for the security agents since it is electronically controlled, Obiagwu, however pointed out that the CCTV cameras outside were defaced, pointing out that the company was taking steps to take inventory to ensure that there’s no substantial damage to the property.
“What we know is that in a situation like this, we will advise the company to look at their reputational damages, because there was no basis whatsoever for First Bank to come to this property. This property is not owned by Nestoil or any of the companies they are claiming are owing them.
“They are just tenants. And you cannot come to a property owned by somebody else and lock it up for two weeks and chase away people and close businesses,” he added.
The directive followed a court order which vacated an earlier ex parte order that had authorised law enforcement agents’ presence at the facilities of Nestoil Limited, Neconde Energy Limited, and their directors, Ernest Azudialu-Obiejesi and Nnenna Obiejesi.
In a formal letter to the Lagos State Commissioner of Police, the Deputy Chief Registrar of the Federal High Court, Longwa, conveyed the court’s decision, informing the police hierarchy that the legal basis upon which officers had been deployed to the premises had been set aside.
The letter, dated November 20, 2025, referenced Suit No. FHC/L/CS/2127/2025, and confirmed that Justice Osiagor’s ruling effectively nullified the earlier enforcement actions taken in connection with the plaintiffs’ claims.
“We refer to the Order of Honourable Justice D.E. Osiagor delivered on the 20th day of November, 2025, in respect of the above-mentioned matter. We hereby request that you withdraw your officers from the premises of the defendants, in view of the fact that the said order has been set aside. We look forward to your kind cooperation in this regard,” the letter stated.
The court’s decision restored control of the affected premises to the defendants pending further hearing of the substantive suit, which the Lagos State Police Command was expected to comply with.
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But despite the court’s explicit directive, officers of the Lagos Police Command earlier on Friday reportedly refused to leave and went further to block Nestoil staff from accessing their offices, an action that triggered outrage within the company and raised fresh concerns about institutional disregard for judicial authority.
Before the decision of the police to leave the premises, speaking at the premises, Nnaji Iwe, Associate Director and Chief of Staff at Nestoil, said the company had fully complied when the initial ex parte order was served, only to be confronted with resistance when the same court vacated it.
“When the ex parte order was served on us, we complied without resistance. Now that the Federal High Court has vacated that order, we expect the Commissioner of Police to obey. It is not for him to pick and choose which orders to obey,” he noted.
Iwe disclosed that officers not only denied access but also tear-gassed staff, forcing them to flee for safety. “We came in peace, ready to take lawful possession. Instead, we were tear-gassed. We are law-abiding citizens. No one should be above court orders,” he stressed.
Nestoil’s Group General Counsel, Abimbola Atitebi, described the police defiance as a dangerous affront to judicial authority, revealing that court bailiffs were told by police officers that the Federal High Court “needed permission” before its order could be enforced.
“This is beyond terrible. Ex parte orders are temporary. The court vacated it, wrote formally to the Commissioner of Police, and directed him to withdraw officers. For the police to remain there is a complete breakdown of the rule of law” Atitebi said.
The counsel warned that the prolonged occupation of the premises, despite the vacated order, sent troubling signals to foreign investors and undermined the federal government’s efforts to attract investment.
“This is a company in a critical sector. Foreign tenants are trapped. Some cannot access their belongings. What message are we sending? If police will not obey the Federal High Court, what will they obey?”, he said.
The underlying lawsuit was filed by FBNQuest Merchant Bank and First Trustees Limited, who alleged significant indebtedness on the part of Nestoil and its affiliates. The earlier ex parte order had paved the way for a purported receiver-manager to take possession of certain assets.
However, the court found that the order meant to preserve the subject of litigation pending formal hearing had overstayed its legally allowable lifespan and was improperly used to take possession.
In the same vein, Atitebi confirmed that the company’s senior counsel will escalate the issue to the highest levels of the police hierarchy and federal security architecture, describing the officers’ refusal to obey court orders as part of “a broader breakdown of constitutional order.”
“We are a law-abiding enterprise,” he said. “We will escalate this to the highest authorities. No democracy can function where court orders are subjected to personal discretion.”
The Federal Ministry of Finance says it has approved the payment of more than 1,240 contractors across ministries, departments and agencies (MDAs) following a verification and reconciliation exercise on outstanding obligations.
In a statement on Monday, Mary-Ann Duke, Senior Special Assistant on Communication and Press Secretary to the Minister of Finance, said the exercise was carried out to confirm valid claims and streamline payments.
According to her, contractors with verified claims of N100 million and below were given priority in the latest disbursement.
“The Federal Ministry of Finance has approved payments to more than 1,240 contractors, providing immediate liquidity support to businesses across the country and reinforcing the Federal Government’s commitment to meeting its financial obligations,” the statement reads.
The ministry said the payments are aimed at easing financial pressure on indigenous firms, particularly small and medium-scale enterprises (SMEs), enabling them to return to project sites, settle workers’ wages, and pay suppliers.
“Contractors prioritised for payment in the most recent batch are those with verified claims in the region of N100 million or less,” Duke said.
It added that more than N700 billion in verified obligations owed to local contractors has been processed in recent months.
The statement noted that about N436.6 billion was processed in May alone, describing it as a sharp increase in payment activity designed to improve liquidity and support economic recovery.
The ministry said prioritising smaller contractors was intended to widen the reach of payments across sectors and regions while sustaining jobs and ensuring the completion of ongoing projects.
It also said the latest disbursement would strengthen confidence among contractors, suppliers, and service providers working with the government.
In January, aggrieved contractors blocked access to the Ministry of Finance, preventing former Minister of State for Finance, Doris Uzoka-Anite, from entering the premises.
Six months later, the Senate set up a committee to engage the ministry over outstanding contractor debts.
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Shettima, Akume Set for Landmark Nigeria–Poland Football Watch Party; Polish Ambassador Praises Preparations — Adeboye
Preparations have reached an advanced stage for the historic Nigeria–Poland Football Watch Party in Abuja, with the Ambassador of Poland to Nigeria, His Excellency Michal Cygan, inspecting the venue ahead of the event, while Vice President Senator Kashim Shettima, GCON, and Secretary to the Government of the Federation (SGF), Senator George Akume, CON, have officially confirmed their participation.
The landmark event, scheduled for Wednesday, June 3, 2026, at the VIP Lounge of the Moshood Abiola National Stadium, Abuja, is being organized by the Office of the Senior Special Assistant to the President on Grassroots Sports Development, Hon. Adeyinka Anthony Adeboye, in collaboration with the Polish Embassy in Abuja.
During an inspection visit to the venue, Ambassador Cygan met with Hon. Adeboye and members of the organizing committee to assess preparations and inspect facilities ahead of the highly anticipated football viewing experience, which is expected to attract diplomats, government officials, sports stakeholders, youth leaders, football enthusiasts, captains of industry, and members of the international community.
Expressing satisfaction with the level of preparation, the Polish envoy described the venue as a fitting location for an event designed to strengthen friendship and cooperation between Nigeria and Poland.
“I am very happy with the preparation and I truly love the venue. Everything looks ready for a wonderful event,” Ambassador Cygan said.
He noted that the watch party represents more than football, describing it as an opportunity to deepen friendship, cultural exchange, and cooperation between both nations.
“Tomorrow will be about friendship and unity. We are bringing together friends of Poland, members of the diplomatic community, sports stakeholders, and football lovers to celebrate the beautiful game and our growing relationship with Nigeria,” he added.
The ambassador further disclosed that several friends and partners of the Polish Embassy would attend the event, emphasizing the role of sports diplomacy in strengthening international relations and promoting youth engagement.
Adding further significance to the occasion, Vice President Kashim Shettima will attend as Chairman of the Day, while SGF Senator George Akume will serve as the Special Guest of Honour.
Speaking ahead of the event, Hon. Adeboye described their participation as a strong indication of the Federal Government’s commitment to sports development, youth empowerment, national unity, and international partnerships under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
“The confirmation of the Vice President and the SGF clearly demonstrates the importance this administration places on sports—not merely as entertainment, but as a powerful tool for youth empowerment, diplomacy, peace-building, economic opportunities, and national development,” Adeboye said.
According to him, President Tinubu’s vision continues to prioritize young people through initiatives aimed at creating opportunities, promoting inclusion, and strengthening grassroots engagement across the country.
“Mr. President believes strongly in the potential of Nigerian youths and understands the transformative role sports can play in creating jobs, promoting unity, and projecting Nigeria positively on the global stage,” he added.
Adeboye also commended Vice President Shettima for his commitment to youth inclusion and national cohesion, noting that his presence would further inspire young Nigerians and stakeholders within the sports ecosystem.
He similarly praised Senator Akume for his continued support for developmental programmes that positively impact youths and strengthen national integration.
Describing the initiative as more than a football gathering, the SSA said the watch party is designed to serve as a strategic platform for friendship, cultural exchange, youth engagement, and bilateral cooperation.
“Football remains a universal language capable of bringing people together beyond borders, religion, and ethnicity. Through this event, we are strengthening relationships and creating a platform for unity, friendship, and international cooperation,” he said.
The initiative follows recent engagements between the SSA’s office and the Polish Embassy focused on grassroots sports development, youth empowerment, sports exchange programmes, and broader bilateral partnerships between Nigeria and Poland.
Guests are expected to begin arriving at 6:45 p.m., while kickoff for the Nigeria–Poland international friendly match is scheduled for 7:45 p.m.
With the attendance of Vice President Shettima, SGF Akume, senior government officials, diplomats, and key stakeholders now confirmed, anticipation continues to build for what many observers are describing as one of Abuja’s most significant sports diplomacy events of the year.
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Tinubu Assures Families of Safe Return, Deploys 1,000 Forest Guards and Tactical Teams to Oyo Forests, Promises Swift Rescue
….. Tinubu dispatches high-powered delegation to Oyo
President Bola Tinubu on Sunday approved the recruitment of 1,000 forest guards in Oyo State.
He also directed a specialised security unit with advanced rescue capabilities to intensify efforts to free abducted pupils and teachers from three schools in Oriire Local Government Area.
According to a statement signed and released on Sunday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, a high-powered Federal Government delegation conveyed the presidential directives to community leaders and lawmakers during a visit to Esiele and Yawota communities in Oriire LGA on Sunday, May 31, 2026.
The delegation also informed leaders that their request for the establishment of a military base in the area had been transmitted to the President for consideration and approval.
The development comes 16 days after gunmen struck communities in the area and took dozens of schoolchildren and their teachers captive.
The delegation was led by the President’s Chief of Staff, Femi Gbajabiamila, and included the National Security Adviser, Mallam Nuhu Ribadu; the Inspector-General of Police, Tunde Disu ; the Chief of Defence Staff, General Christopher Musa; and the Special Adviser to the President on Media and Public Communications, Sunday Dare, Onanuga said.
Addressing residents in both English and Yoruba, Gbajabiamila said the President’s decision to dispatch the nation’s top security leadership to the affected communities reflected his determination to deploy every available resource to secure the victims’ release.
“Mr President is deeply troubled by this incident. Whatever it takes, our children and teachers will be brought back home safely.
“He has issued all necessary directives and is providing every support required by our security agencies to achieve that objective,” Gbajabiamila said.
He also addressed appeals from parents and community members urging caution in the rescue operation.
The Chief of Staff explained: “Mr President also saw the appeals from some parents and community members urging caution in the rescue efforts.
“Let me assure you that the operation will be intelligence-led and carefully coordinated, deploying both kinetic and non-kinetic measures to secure the safe return of the victims.
“Your pain and anxiety are understood. By the grace of God, your children will return safely to your arms.”
The delegation also called on the Soun of Ogbomosoland, HRM Ghandi Afolabi Olaoye, at his palace to commiserate with the traditional ruler and his people.
They also visited the widow of the slain teacher, Mrs Mary Oyedokun, and her two children, where Gbajabiamila delivered the President’s personal condolences to the family and promised that they would not be left to suffer.
The 1,000 forest guards approved by the President will be recruited in collaboration with the Oyo State Government, Onanuga said.
The abductions occurred on May 15, 2026, when armed men attacked three schools — Community Grammar School, Baptist Nursery and Primary School, and L.A. Primary School — in the Esiele and Yawota communities of Oriire LGA, taking pupils and teachers captive.
During the attack, a mathematics teacher, Michael Oyedokun, was beheaded. A motorcyclist was also killed, and a security operative died after running into improvised explosive devices planted by the abductors during early rescue attempts.
The Oriire LGA communities sit on the fringes of a forested belt that the abductors have exploited for cover since the attack.
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