The Economic and Financial Crimes Commission (EFCC) has recovered $60 million for lenders of Nestoil as part of an ongoing debt investigation. A meeting facilitated by the EFCC led to an agreement between Nestoil and a consortium of banks for a structured debt repayment.

The receiver/manager for Nestoil Limited has issued a rejoinder in response to an article in The Guardian, providing further details on the company's status in receivership.

Nestoil Limited has rejected what it calls a "blackmail campaign" allegedly driven by First Bank of Nigeria and its Chairman, denying responsibility for banks' failure to pay dividends.

Nigeria's Supreme Court has reinstated Olanipekun and Banire as counsel in the $2 billion Nestoil/Neconde dispute, resolving a key issue regarding a receiver's power to determine a company's legal representation.

A Nigerian court has granted an order preventing the Economic and Financial Crimes Commission (EFCC) from investigating Jones Creek Hydrocarbon, a firm linked to the Nestoil Group and operator of Oil and Lease (OML) 42.

Justice John Tsoho, Chief Judge of the Federal High Court, has rejected an application to reassign the Nestoil Neconde case, directing it to continue before Justice Os.

Nestoil and a court-appointed receiver are in a dispute over the interpretation of a Supreme Court ruling concerning the receiver's authority and control over the company and its assets.

Bad loans associated with Nestoil have reportedly led to the suspension of dividend payments for major Nigerian banks, including UBA, First Bank, and Access Bank. This situation is threatening the stability of the country's banking sector.

Nigeria’s Supreme Court has voided an Appeal Court ruling, restoring Olanipekun and Banire as counsel in a $2 billion debt dispute. The court ruled that a receiver cannot appoint lawyers when their own appointment is contested.

A consortium of lenders has issued a rejoinder regarding Nestoil, stating that recovery action has just begun and every penny owed by Nestoil will be extracted and repaid to the lenders.

Nigeria's Supreme Court has annulled an order that froze the assets of oil firms Nestoil and Neconde, ruling that the appeal court had exceeded its powers in issuing the ex parte application.

Nigeria's Economic and Financial Crimes Commission (EFCC) is facing accusations of harassment and unlawful seizure of belongings from a tech entrepreneur. Simultaneously, a court has vacated orders that previously restrained the EFCC from probing firms linked to the Nestoil Group, allowing investigations to proceed.

The order also forbids the anti-corruption agency from freezing the accounts or take any action whatsoever against the company to freeze, forfeit or confiscate any of its assets or interrupt its operations as the field management entity in the Oil Mining Lease (OML) 42 joint venture. The post Another firm linked to Nestoil Group gets injunction against EFCC, others appeared first on Premium Times Nigeria.