Tensions flared at Nestoil’s Lagos headquarters on Friday as the company’s owners clashed with the court-appointed Receiver Manager over control of the premises.
The dispute followed a court ruling on 20 November that set aside an earlier freezing order placed on Nestoil’s assets. The owners interpreted the ruling as grounds to regain access to the building at Akin Adesola Street on Victoria Island.
However, the Receiver Manager argued that the judgement did not alter the ongoing Receivership imposed over the company. In correspondence sent to the Inspector General of Police, Senior Advocate of Nigeria Abubakar Sulu-Gambari insisted that the appointment remains valid under a deed filed with the Corporate Affairs Commission in August.
He also warned the public not to carry out any transactions involving assets of Nestoil or its affiliate Neconde Energy without his express authorization, stressing that any such actions could carry legal consequences.
The dispute originated from a Mareva injunction granted in October, which froze Nestoil’s bank accounts, shares and property over alleged debts amounting to $1.01 billion and N430 billion owed to FBNQuest Merchant Bank and First Trustees, both subsidiaries of First Bank of Nigeria.
That earlier order also mandated security agencies to assist the Receiver Manager in taking custody of the company’s assets, leading to the sealing of the headquarters late last month.
Legal proceedings are ongoing, and further clarity is expected as the matter returns before the courts.
