Court Orders Receivership of Nestoil Assets in Loan Dispute
A Federal High Court in Lagos has granted an order for a consortium of lenders to take control of assets belonging to Nestoil Limited, a major Nigerian oil and gas company. The court order, issued by Justice D. I. Dipeolu, is connected to a loan dispute reportedly worth about $1 billion. The lenders, represented by First Trustees Limited and FBNQuest Merchant Bank, sought the order to secure the assets while the dispute is being resolved. The ruling grants a Mareva injunction, a legal tool that freezes a company's assets to prevent them from being sold or moved away. The injunction covers Nestoil Limited, its affiliate Neconde Energy Limited, and other associated parties. Following the court's decision, enforcement officers and police sealed Nestoil's corporate headquarters on Victoria Island, Lagos. Staff and visitors were asked to leave the premises as the assets […]