FBNQuest Merchant Bank Limited and First Trustees Limited have asked the Court of Appeal, Lagos, to restrain Nestoil Limited, Neconde Energy Limited and two others from taking any steps to enforce the reversal of a Mareva injunction (freezing order) on their properties, citing alleged $1.01 billion asset dissipation plans by the respondents.
This is contained in a motion on notice filed by the plaintiffs’ lead counsel, Babajide Okun SAN, dated November 21, 2025.
The motion also seeks the suspension of the reversal orders handed down by the Federal High Court in Lagos, presided over by Justice Daniel Osiagor, delivered on Thursday, according to a statement by Nestoil titled “PUBLIC NOTICE: NESTOIL WINS FIRST BANK ENTITIES/PROXIES IN FEDERAL HIGH COURT.”