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Nigeria’s appeal court says receivership has frozen the board’s authority, forcing Nestoil and Neconde to swap legal teams mid battle with lenders.
Ernest Azudialu-Obiejesi is locked in a $1bn debt fight as Nigeria’s Court of Appeal backs lenders and a receiver’s return to Nestoil Tower.
Court clears Nestoil funds, ending $1 billion asset freeze for Nigerian businessman Ernest Azudialu-Obiejesi.
A Lagos court has placed Nestoil under receivership in a debt dispute exceeding $1bn, thrusting founder Ernest Azudialu-Obiejesi into the spotlight as banks move to seize assets and police seal the firm’s Victoria Island headquarters.