Nigerian oil firms Nestoil Limited and Neconde Energy Company have reportedly demanded a refund of $40 million allegedly paid to their legal team following their loss at the Supreme Court in a long-running debt dispute involving a consortium of banks.
According to an insider familiar with the matter, the companies made the demand after the apex court ruled against them in a case linked to debts estimated at about $2 billion. The source claimed the funds were paid to senior lawyers with the expectation of securing a favourable judgment at the Supreme Court.
The insider further alleged that similar arrangements were previously deployed at the Federal High Court, where an order restraining Nestoil and its affiliates from dealing with their assets over an alleged $1 billion debt was vacated. These claims include accusations of improper inducements involving judicial officers and legal practitioners. However, no official evidence has been presented publicly to substantiate the allegations.
Following the Supreme Court ruling, the court reportedly ordered that while certain aspects of the matter return to the Court of Appeal to address issues of legal representation, Nestoil and Neconde are still required to settle their outstanding obligations to the bank consortium.
The companies have been engaged in protracted legal battles as creditors seek to recover the alleged debts, while Nestoil and Neconde have maintained their legal right to challenge aspects of the claims against them.
As of the time of filing this report, the lawyers named in the allegations had not publicly responded, and attempts to reach representatives of Nestoil and Neconde for comment were unsuccessful. The judiciary has also not issued any official statement regarding the allegations.
