Enchantment Court docket sacks Nestoil authorized workforce in $2bn debt dispute
The Court docket of Enchantment has disqualified Chief Wole Olanipekun SAN and Dr. Muiz Banire SAN from representing Nestoil Restricted and Neconde Vitality Restricted within the firm’s ongoing $2 billion debt dispute with its lenders.
The ruling was delivered on Thursday, January 23, 2026, by a panel of justices of the Court docket of Enchantment, in line with the knowledge made accessible to Nairametrics and in addition confirmed by the Nestoil authorized workforce.
The choice marks a significant turning level within the long-running receivership battle between Nestoil and a consortium of Nigerian banks and collectors, because the appellate court docket additionally struck out all authorized processes filed by the affected legislation companies.
What the Court docket is saying
In its ruling, the Court docket of Enchantment clarified the authorized standing of Nestoil’s board and its authority to interact counsel whereas underneath receivership.
Nestoil’s alleged $2 billion indebtedness to its lenders is alleged to exceed the minimal capital requirement of 4 Nigerian banks with worldwide licences.
The authorized battle between Nestoil and its lenders has been brewing for months and cuts throughout a number of courts.
In November, Nestoil Restricted dragged eight Nigerian banks and the African Export-Import {Bank} (Afreximbank) earlier than the Federal Excessive Court docket in Abuja, in search of restraining orders to halt receivership proceedings initiated after a Discover of Default was issued in opposition to the corporate.
The freeze was linked to an alleged $1.01 billion and N430 billion debt owed to FBNQuest Service provider {Bank} Restricted and First Trustees Restricted, each subsidiaries of First {Bank} of Nigeria Restricted.
In the meantime, on Thursday, the Court docket of Enchantment in Lagos adjourned a receivership case involving FBNQuest Service provider {Bank}, First Trustees Restricted, Nestoil Restricted, Neconde Vitality Restricted, and two others on account of controversy surrounding who may validly seem for the respondent firms.
Presiding choose, Justice Yargata Nimpara, adjourned the matter to January 15, 2026, holding that the query of authorized illustration for Nestoil and Neconde should first be resolved earlier than the court docket may proceed to listen to the case on its deserves.
The most recent ruling disqualifying senior advocates Olanipekun and Banire immediately addresses that concern and clears the procedural hurdle recognized by the court docket.