The Supreme Court threw out the decision of the Court of Appeal, Lagos Division, and reinstated the appointments of Chief Wole Olanipekun (SAN) and Dr. Muiz Banire (SAN) as lawyers for Nestoil and Neconde in the $2 billion debt suit brought by FBNQuest Merchant Bank Limited and First Trustees.
The appellate court had already said that the boards of the companies led by Ernest Azudialu-Obiejesi could not hire lawyers because they were in receivership.
But the highest court threw out that decision on Friday because it didn’t give everyone a fair chance to be heard.
It said that Nestoil and Neconde are still legal entities and can choose their own lawyers to protect their interests.
The decision means that both companies can now choose their own lawyers for the ongoing dispute.
The Supreme Court had told everyone to go back to the Court of Appeal to settle the issue of who would represent them and to report back on January 26, 2026, on other issues in the case that still needed to be resolved.
Nestoil, Neconde, and their promoters, Ernest Obiejesi and Nnenna Obiejesi, 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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