The Receiver/Manager of NESTOIL LIMITED has issued a press release to address what it describes as erroneous and misleading conclusions circulating in social and print media regarding the recent Supreme Court judgment delivered on Monday, June 1, 2026.
Supreme Court Judgment Clarified
The judgment in SC/CV/1130/25 ruled that the Court of Appeal acted beyond its jurisdiction when granting an ex-parte order on November 27, 2025, and therefore set aside that order. The Receiver/Manager emphasized that this is the full extent of the Supreme Court's decision. Importantly, the judgment does not invalidate the appointment of the Receiver/Manager or the receivership itself.
Receivership Remains Unaffected
Consequently, the general public, especially commercial banks and other affected parties, are notified that the Supreme Court's decision to set aside the ex-parte orders does not impact the receivership over NESTOIL LIMITED and all assets of NECONDE ENERGY LIMITED, including undertakings, stocks, goodwill, plant and machinery, and movable and immovable assets in OML 42. The Receiver/Manager was appointed via Deeds of Appointment dated August 19, 2025, filed with the Corporate Affairs Commission, well before any court proceedings began.
Warning Against Unauthorized Dealings
The public is reminded that any dealings with individuals purporting to act on behalf of NESTOIL LIMITED or NECONDE ENERGY LIMITED regarding the stated assets, particularly in oil, gas, power, and infrastructure projects, contracts, or commitments, without the knowledge and express authorization of the appointed Receiver/Manager are illegal and will carry legal consequences. Perpetrators are warned to stop spreading inaccurate or selective information intended to mislead the public.
All inquiries or requests for clarification should be directed to the Receiver/Manager via email.
Signed: ABUBAKAR SULU-GAMBARI, SAN, MCIArb CIROMA OF ILORIN, RECEIVER/MANAGER.
