Court Invalidates First Bank's Receiver Appointment Over Neconde
On September 29, 2026, the Federal High Court delivered a significant ruling in Suit No. FHC/L/CS/2545/2025 (Glencore Energy UK Ltd & Ors v.
Abubakar Sulu-Gambari, SAN & Ors), setting aside the appointment of a Receiver over Neconde and its interest in Oil Mining Lease (OML) 42 by First Bank. Honourable Justice Osiagor ruled that Nestoil’s lenders, acting through FBN Trustees, could not enforce their facility by appointing a Receiver because the Deed of Charge had not yet crystallized.
The Court declared the Receiver’s appointment invalid and issued an injunction preventing the lenders from taking enforcement actions against Neconde or appointing a Receiver until the Deed of Charge crystallizes. This ruling provides legal clarity and protects Neconde’s operations, which are crucial to Nigeria’s upstream oil and gas sector.
A spokesperson for Nestoil Group welcomed the judgment, emphasizing their commitment to responsible development in OML 42.
Plus234Feed summary based on reporting from This Day. Read the original report below.
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