Court of Appeal Bars Senior Advocates from Representing Nestoil, Neconde in $2B Debt Dispute
Nigeria’s oil services firms, Nestoil and Neconde, are facing a new legal twist as the Court of Appeal disqualified senior advocates Wole Olanipekun SAN and Muiz Banire SAN from representing the companies.
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The ruling, handed down Friday, January 23, comes amid an ongoing receivership that has frozen the boards’ authority, giving a consortium of banks tighter control over operations in a US$2 billion debt dispute.
As a result of the court’s decision, all pending applications filed by the disqualified law firms have been nullified, forcing the companies to engage new legal counsel and restart proceedings.
Legal analysts note that the move further consolidates lenders’ influence over strategic decisions while receivers remain in place and intensifies pressure on both sides to seek a commercial resolution—through restructuring, asset sales, or protracted litigation.
Observers say the case underscores the complexities Nigerian founders face when syndicated energy loans go sour, while highlighting banks’ determination to protect collateral and stabilize operations.
Court of Appeal Bars Senior Advocates from Representing Nestoil, Neconde in $2B Debt Dispute