On Friday, the Supreme Court threw out the decision of the Court of Appeal, Lagos Division, and reinstated Chief Wole Olanipekun (SAN) and Dr. Muiz Banire (SAN) as lawyers for Nestoil and Neconde in the $2 billion debt suit filed by FBNQuest Merchant Bank Limited and First Trustees.
The appellate court had already said that the Ernest Azudialu-Obiejesi-led boards of the companies could not hire lawyers because they were in receivership.
But the highest court threw out that decision on Friday, saying that it wasn’t fair to hear the case.
It said that Nestoil and Neconde are still legal entities and, as such, they have the right to hire any lawyer they want to protect their interests.
Now that the court has made its decision, both companies can choose their own lawyers for the ongoing dispute.
The Supreme Court had told everyone to go back to the Court of Appeal to work out who would represent them and to report back on January 26, 2026, on any other issues that were still open in the case.
Nestoil, Neconde, and their promoters, Ernest Obiejesi and Nnenna Obiejesi, all filed the appeal.
Chief Olanipekun wanted to speak for Neconde, and Dr. Banire spoke for Nestoil. Ayo Olorunfemi, who led Ame Ogie for Neconde, and Ayoola Ajayi, who led M.B. Ganiyu for Nestoil, questioned their authority.
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