Supreme Court Restores Nestoil, Neconde's Legal Rights

On Friday, the Supreme Court of Nigeria restored the rights of Nestoil and Neconde to appoint legal counsel in an alleged $2 billion debt dispute, overturning a ruling by the Appeal Court. The case involves a suit filed by FBNQuest Merchant Bank and First Trustees against the companies, which are led by Ernest Azudialu-Obiejesi.

The Appeal Court had previously ruled that the companies, under receivership, could not appoint lawyers. However, the Supreme Court nullified this decision on the grounds of fair hearing, affirming that Nestoil and Neconde remain valid legal entities with the right to engage counsel of their choice.

The court directed the parties to return to the Appeal Court to resolve the legal representation issues, with a report back date set for January 26, 2026. Chief Wole Olanipekun, SAN, and Dr.

Muiz Banir were appointed to represent Neconde, while Ayo Olorunfemi and Ayoola Ajayi represented Nestoil.