HomeNewsNestoil Founder Faces Pressure As Appeal Stalls

Nestoil Founder Faces Pressure As Appeal Stalls

Published on


KEY POINTS


  • The Nestoil representation dispute tension halted progress on the appeal.
  • Lawyers clashed over who could speak for Nestoil and Neconde.
  • The companies face debt claims and frozen accounts.

A lingering fight over who can speak in court for Nestoil and its affiliate, Neconde, has stalled a major appeal until next year and pulled fresh attention toward Nestoil founder Ernest Azudialu-Obiejesi.

The delay comes as the companies face disputes tied to debts, frozen accounts, and control of a multibillion-naira oil asset. The Court of Appeal in Abuja planned to hear arguments on December 4, 2025, but the session shifted as soon as two separate legal teams announced appearances for both the 1st and 2nd respondents.

Dispute over Nestoil representation

Ayoola Ajayi, a Senior Advocate of Nigeria, told the three-member panel that appellate rulings require judges to settle representation questions at the outset. He referenced prior decisions, including ZP Ind v. Zanutech and AG Fed v. ICAN. Ajayi said he had already applied to strike out processes filed by Muiz Banire and to disqualify Banire from representing the 1st respondent. Banire countered that he remained counsel on record. He asked the court to acknowledge his appearance until the motion challenging him became ripe for hearing.

Ayo Olorunfemi and Chief Wole Olanipekun, also Senior Advocates, took positions that aligned with Ajayi and Banire. Olanipekun said he had not been served with any motion seeking to remove him and that he learned of the challenge in open court. The situation created uncertainty across the bench as the justices attempted to determine the proper sequence for addressing representation issues.

Appeal delay heightens leadership tension

According to Billionaire Africa, Kehinde Ogunwumiju told the panel that he represented Nnenna Obiejesi, the 4th respondent. He said no one contested his appearance. The court noted that his application was filed on notice, and it added that the disputes involving the other parties named in the notice must be resolved before it can proceed.

The justices then ordered the contesting lawyers to file affidavits and written addresses to back their claims to appear for the 1st and 2nd respondents. The matter was adjourned to January 15, 2026.
The delay adds pressure for Azudialu-Obiejesi, whose companies face claims of about $1.01 billion and 430 billion naira in debts. Court filings referenced in the matter show that accounts tied to Nestoil, Neconde, Azudialu-Obiejesi and Nnenna Obiejesi remain under freeze orders. The companies’ 45 percent interest in the OML 42 joint venture also remains under receivership while the appeal remains stuck. The next hearing is expected to decide which legal team the court will recognize.

Latest articles

SMEDAN unveils N500m zero-interest fund for MSMEs

SMEDAN has unveiled a N500m zero-interest fund for MSMEs, disbursing it through cooperatives and associations to boost working capital and improve loan recovery nationwide.

FG unveils 2026 push for industrial growth, trade and investment

The Federal Government plans to intensify industrial growth, trade expansion, investment and non-oil exports in 2026, focusing on turning policy into measurable economic outcomes.

AfCFTA lifts Nigeria’s intra-African trade by 21 percent to $9.02billion in 2025

Nigeria's intra-African trade rose 21 percent to $9.02bn in 2025, as the AfCFTA unlocked new export markets and lower trade barriers, an Afreximbank report says.

Nigeria sets date for next evacuation flight from South Africa

Nigeria's government will return another group of citizens from South Africa on Tuesday, ahead of anti-immigrant protests set to begin June 30.

More like this

SMEDAN unveils N500m zero-interest fund for MSMEs

SMEDAN has unveiled a N500m zero-interest fund for MSMEs, disbursing it through cooperatives and associations to boost working capital and improve loan recovery nationwide.

FG unveils 2026 push for industrial growth, trade and investment

The Federal Government plans to intensify industrial growth, trade expansion, investment and non-oil exports in 2026, focusing on turning policy into measurable economic outcomes.

AfCFTA lifts Nigeria’s intra-African trade by 21 percent to $9.02billion in 2025

Nigeria's intra-African trade rose 21 percent to $9.02bn in 2025, as the AfCFTA unlocked new export markets and lower trade barriers, an Afreximbank report says.