$1bn Debt: Court Adjourns Nestoil Joinder Motion to Dec 11

Justice Daniel Osiagor of the Federal High Court, Lagos, has adjourned the hearing of a joinder application in the alleged $1 billion debt suit involving FBNQuest Merchant Bank, First Trustees Limited, Nestoil Limited, Neconde Energy, Dr Ernest Azudialu-Obiejesi, and Nnenna Obiejesi. The hearing is now scheduled for December 11, 2025.

The adjournment followed the late filing of a counter-affidavit by the plaintiffs. The joinder application was filed by financial institutions including Glencore Energy UK, Fidelity Bank, Mauritius Commercial Bank, and African Finance Corporation, seeking to be added as necessary parties.

The move relates to a previous Mareva injunction that froze the assets of Nestoil, its affiliates, and directors. A receiver-manager had also been appointed before the order was later discharged. Justice Osiagor vacated the injunction on November 20, 2025, noting that the ex parte order had lapsed under Federal High Court rules. The matter was to him following administrative directives.

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