A dramatic standoff unfolded on Friday at the Lagos headquarters of Nestoil Limited as the company’s owners and officials of the Asset Management Corporation of Nigeria (AMCON) clashed over control of the multibillion-naira oil and gas conglomerate.
The tension escalated when Nestoil’s management arrived at the Victoria Island office complex in the company of what was described as a “counter-terrorism team,” insisting they had a court judgment entitling them to retake possession of the facility. They were also accompanied by journalists who streamed parts of the encounter live.
“We are here… the Nestoil management came and brought with them a counter-terrorists team, saying they have a court judgment and want to enter,” a source close to AMCON said. “They came with strong press and are recording live. Police used tear gas to clear all.”
The receiver/manager appointed over Nestoil, Abubakar Sulu-Gambari, confronted the company’s officials, insisting they could not lawfully re-enter the building because an appeal had been filed against Thursday’s ruling that vacated the Mareva injunction earlier freezing the company’s assets.
“The receiver/manager told them that an appeal was entered before the ‘kangaroo judgment’ and therefore parties must wait for the outcome of the appeal,” the source added emotionally. “They are not making any effort to settle their debts? Jesus Christ. What a country!”
The confrontation came barely 24 hours after the Federal High Court in Lagos set aside a sweeping ex parte order that had frozen Nestoil’s bank accounts, shares, and other assets in over 20 institutions.
Justice D.E. Osiagor ruled that the Mareva injunction earlier granted by Justice Deinde Dipeolu on 22 October had lapsed after the expiration of the 14-day statutory window for hearing the motion on notice challenging the order.
The initial order had been secured by FBNQuest and First Trustees over an alleged outstanding debt of more than $1.01 billion and ₦430 billion said to be owed by Nestoil, Neconde Energy, and their promoters Ernest and Nnena Obiejesi.
It also authorised the police, the Navy, the State Security Service and other security bodies to assist the receiver/manager in taking over Nestoil’s headquarters and securing Neconde’s interests in Oil Mining Lease (OML) 42—an order that led to the police sealing the building on 28 October.
The case became more contentious after Nestoil and Neconde petitioned the National Judicial Council and Chief Judge of the Federal High Court, demanding that the matter be reassigned to another judge. They accused Justice Dipeolu of issuing extreme orders without hearing their side of the case and without confirming ownership of the Victoria Island.
The matter is expected to resume before Justice Osiagor on 25 November for a motion for joinder and on 12 December for hearing of pending applications.
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