LA SUITE APRÈS LA PUBLICITÉ

The Federal High Court in Abuja has officially lifted the ex parte orders that previously shielded companies associated with the Nestoil Group from investigation by the Economic and Financial Crimes Commission – EFCC.

These orders, granted in late February and early March 2026, had temporarily barred the anti-graft agency from probing Amaranta Oil and Gas Development Limited and Jonescreek Hydrocarbon Limited. By discharging these interim reliefs, the court has effectively removed the legal barriers preventing the EFCC from scrutinizing the companies’ activities regarding alleged financial infractions.

The legal battle erupted from an attempt by the Nestoil entities to halt prospective investigations and prevent their lenders from reporting criminal allegations to the commission. The companies argued that the disputes, rooted in the upstream oil and gas sector, should not be subject to EFCC intervention.

However, the court’s recent decision to vacate the stay of action clears a path for the commission to proceed, marking a significant shift in a case that has seen the companies fighting to maintain autonomy amidst growing pressure from creditors and regulators.

At the heart of the controversy is a massive debt recovery effort involving over $1 billion and ₦430 billion allegedly owed by Nestoil, Neconde Energy, and their principal promoters. To secure these funds, lenders appointed a receiver/manager, Abubakar Sulu-Gambari, to take control of the companies’ assets.

While Nestoil had previously secured injunctions to restrain both the banks and the receiver from involving the EFCC, the latest ruling aligns with recent appellate court decisions that reinstated the receiver’s mandate and cautioned against interference with debt recovery processes.

With the ex parte orders now discharged, the substantive suit has been adjourned until 26 May 2026. This period will be critical for Ernest Obiejesi and the Nestoil Group as they navigate both the reinstated receivership and the looming possibility of a full-scale EFCC investigation.

As the legal tug-of-war continues between the Federal High Court and the Court of Appeal, the outcome will likely set a major precedent for how debt recovery and criminal allegations are handled within Nigeria’s high-stakes energy sector.