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The attention of the Receiver/Manager has been drawn to the erroneous and misleading conclusions being peddled in the social and print media on the interpretation of the recent Judgment of the Supreme Court in SC/CV/1130/25 delivered yesterday, Monday 01, June 2026.
The Judgment of the apex Court is to the effect that the Court of Appeal, in granting the Ex-parte Order of 27/11/2025, acted ultra vires and therefore set aside the said Order. This, and nothing more, is the import of the Judgment of the Supreme Court. Nothing in the said Judgment set aside the appointment of the Receiver/Manager or the Receivership.
Consequent upon the above, the general public, particularly the commercial banks and other affected parties, are hereby put on notice that the Judgment of the Supreme Court setting aside the earlier granted Ex-parte Orders of the Court of Appeal DOES NOT affect the Receivership of the undersigned over NESTOIL LIMITED and the entire undertakings, stocks, good will, plant and machinery, moveable and immoveable assets of NECONDE ENERGY LIMITED in OML 42. In otherwords, that the undersigned remains Receiver/Manager having been appointed by the Deeds of Appointment dated 19/08/2025 and filed at the Corporate Affairs Commission, long before commencement of proceedings in Court.
The general public is hereby reminded that any and all dealings with persons purportedly acting on behalf of NESTOIL LIMITED and/or NECONDE ENERGY LIMITED (with respect to the assets stated above) and/or in relation to matters pertaining to the said companies particularly with respect to projects, contracts and commitments in the oil, gas, power and infrastructure sectors without the knowledge, privity and express authorization of the appointed Receiver/Manager will be ILLEGAL and shall give rise to legal implications.
In the same vein, perpetrators are therefore warned to desist from peddling erroneous, inaccurate and/or selective information with the intent of misleading unsuspecting members of the public. PLEASE REMAIN GUIDED.
All enquiries or requests for clarification or further information may be directed to the Receiver/Manager at Abubakar.sulugambari@sulugambari.com.
ABUBAKAR SULU-GAMBARI, SAN, MCIArb
CIROMA OF ILORIN
RECEIVER/MANAGER.
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