Nestoil, Neconde Sue Banks for $1.8bn Over Oil Loss

Nestoil Ltd and Neconde Energy Ltd have initiated a lawsuit seeking $1.8 billion in damages against FirstBank, Access Bank, and Zenith Bank, claiming that the banks' actions have unlawfully disrupted their oil production, reducing their output from 60,000 barrels per day to below 40,000 barrels per day. The firms argue that these disruptions have severely impacted their financial operations and plans for new drilling campaigns.

The Supreme Court, presided over by Chief Justice Osiagor, has firmly rejected FirstBank's application to reassign the case, stating that there was no legal basis for such a move. The court condemned FirstBank's tactics as an attempt to stall proceedings and suggested ulterior motives behind their actions.

Additionally, Drawcok Estate Ltd has filed a separate N100 billion lawsuit against FBNQuest Merchant Bank Ltd and First Trustees Ltd, alleging unlawful seizure of its properties, further complicating the legal landscape involving these financial institutions.