FBN Quest Merchant Bank, First Trustees appeal ruling vacating court orders against Nestoil
FBN Quest and First Trustees are appealing a Federal High Court decision that vacated prior orders freezing the assets of Nestoil, Neconde Energy, and their promoters due to an alleged $1.01 billion and N430 billion debt default. The initial orders, issued by Justice Dipeolu, froze accounts and shares across numerous institutions and authorized the takeover of Nestoil's headquarters and Neconde's interests in an oil block. Justice Osiagor later set aside these orders. FBN Quest and First Trustees seek an injunction to prevent Nestoil from acting on the lower court's decision while the appeal is heard, arguing it could render the appeal meaningless. A petition alleging misconduct was filed against Justice Dipeolu, who was then instructed not to take further steps in the matter.
