Nestoil Limited has dragged eight Nigerian banks and the African Export-Import Bank (Afreximbank), before the Federal High Court in Abuja, seeking restraining orders to halt receivership proceedings against it following a Notice of Default.
The legal teams representing Nestoil Limited and the eight Nigerian banks — including Access Bank, FBNQuest Merchant Bank Limited, and Afreximbank — appeared before Justice Mohammed Umar on Wednesday.
Nairametrics previously reported that armed officers of the Nigeria Police Force (NPF) recently sealed the headquarters of Nestoil Limited in Victoria Island, Lagos, following a Federal High Court order freezing the company’s assets, bank accounts, and shares over an alleged $1.01 billion and N430 billion debt owed to FBNQuest Merchant Bank Limited and First Trustees Limited, both subsidiaries of First Bank of Nigeria Limited.