Investigative commentator Jackson Ude has alleged that embattled oil and gas companies Nestoil Limited and Neconde Energy Limited are mobilizing $25 million to retain a team of senior lawyers as they prepare to challenge their recent legal setback at the Supreme Court.
According to Ude, the law firms of Wole Olanipekun (SAN), Bode Olanipekun (SAN), Muiz Banire (SAN) and Ojukwu Chikaosula are expected to lead the legal battle in a bid to secure a favourable judgment for the companies, which are grappling with an accumulated debt estimated at $1.01 billion.
This development follows a recent decision by the Court of Appeal, which restrained Nestoil and Neconde from halting the actions of a receiver-manager appointed to liquidate their assets over unpaid debts owed to FBNQuest Merchant Bank and First Trustees Limited.
Ude reported that the Appeal Court ruling “shook the foundation” of both companies, prompting their owners to intensify efforts to prevent liquidation and protect their assets.
Nestoil’s creditors reportedly include Access Bank, Afrexim Bank, Ecobank, First Bank, FCMB, Union Bank, UBA, and Zenith Bank.
Neconde is said to owe Access Bank, Afrexim Bank, African Finance Corporation (AFC), Fidelity Bank, First Bank, Mauritius Commercial Bank, Zenith Bank, and Glencore UK.
Ude claims that following the appellate court decision, the companies are “bent on fighting back using any means” to keep the businesses afloat.
