Glencore, AFC, Mauritius Bank, Fidelity Sue First Bank Trustees in Nigeria Oil Dispute

Glencore, AFC, Mauritius Bank, and Fidelity have filed a lawsuit against First Bank Trustees and Receiver Abubakar Sulu Gambari in a legal dispute over the control of OML 42 oil assets in Nigeria's oil and gas sector. The foreign lenders allege an unlawful attempt to seize control of Neconde Energy Limited's interest in the prized oil mining lease.

The lawsuit involves complex relationships among Neconde, foreign lenders, Nigerian banks, and Nestoil lenders, accusing First Bank Trustees of breaching trust obligations by creating secondary security interests without consent. The dispute highlights the intricacies and challenges in the Nigerian oil and gas industry.