Nestoil promoters mount pressure on FHC chief judge to reverse Mareva order – Sources

Promoters of Nestoil Ltd and Neconde Energy Ltd have launched “underground moves” to get the Mareva injunction issued against them reversed, insiders at the federal high court have told TheCable.

Justice D. I. Dipeolu of a federal high court sitting in Lagos had, on October 22, 2025, issued the injunction against the defendants, Nestoil, Neconde Energy Limited, and the principal promoters, Ernest Azudialu-Obiejesi and his wife, Nnenna Obiejesi.

This was to enforce a debt claim brought by FBNQuest Merchant Bank Limited and First Trustees Limited, the plaintiffs.

Dipeolu restrained dealings in the sum of $1,012,608,386.91 and N430,014,064,380.77 — the total indebtedness as of September 30, 2025.

There were other debts personally guaranteed by Azudialu-Obiejesi — with over N366.8 billion, $61.2 million, $152 million, and N10.4 billion owed to Access Bank, First Bank and Zenith Bank.

On October 28, the judgement was enforced, with the police sealing off the corporate headquarters of Nestoil Limited in Victoria Island, Lagos, after the financial institution placed the company under receivership.

Ahead of the hearing of the substantive suit on Friday, Nestoil’s promoters started mounting pressure on Justice John Tsoho, the chief judge of the federal high court, to reassign the case, alleging bias on the part of Dipeolu.

As a result, Dipeolu could not sit, announcing to the counsel that a petition had been filed against him.

A number of senior lawyers were named in the alleged plot to get the case assigned to a “favourable” judge if Dipeolu recuses himself.

The name of the proposed judge was disclosed to TheCable along with other weighty allegations whose details cannot be published for legal reasons.

TheCable saw a copy of the petition, which was addressed to Tsoho.

The defendants alleged that the Mareva order was granted ex-parte and ought not to have been issued in the first place.

They also raised issues of jurisdiction on one of the claims, insisting that it was a matter for a state — not federal — high court.

They argued that the corporate headquarters complex that was attached does not belong to them.

Azudialu-Obiejesi confirmed the petition,according to Premium Times, saying the defendants “don’t have faith in Dipeolu”.(The Cable)