The Federal High Court of Nigeria in Abuja has issued an interim injunction restraining the Economic and Financial Crimes Commission (EFCC) from investigating and meddling with the operations of Amaranta Oil & Gas Development Company Limited.
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.
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P.O Lifu, the presiding judge who gave the ruling on 2 March, said the order holds, pending the hearing and determination of the motion on notice for interlocutory injunction, filed together with the motion ex parte.
Amaranta Oil & Gas has Obiejesi Nnnenna Maryann, one of the principal promoters of Nestoil Limited – an energy firm currently at the centre of a multibillion naira debt default suit at the Supreme Court and the Court of Appeal, as a person with significant control, PREMIUM TIMES’ checks showed.
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Neconde Energy, an affiliate of Nestoil, holds an interest in OML 42.
The judge also granted another order forbidding FBN Quest Limited, First bank of Nigeria Limited, Access Bank, Zenith Bank and Abubakar Sulu-Gambari – all of them co-defendants – from petitioning or procuring the EFCC to “interfere with, investigate, freeze, seize, disrupt or in any way that will affect the operations, asset, bank account, funds, or limit access to” the company’s bank accounts or operational funds as the field management entity or any of its contractors and partners in the Funding and Technical Services Agreement set up by the Nigerian Government for the efficient operations of OML 42. He fixed 16 March as the return date.
Mr Sulu-Gambari is the receiver/manager appointed by the financial institutions to which Neconde and Nestoil are indebted.
The Federal Government of Nigeria holds a 55 per cent interest in and operates the OML 42 joint venture
On 15 February, the judge had similarly ordered the EFCC to refrain from disrupting the operations of Jones Creek Hydrocarbon Limited, a company where Mrs Obiejesi also has a significant control, and from freezing its accounts.
He also issued an order, prohibiting FBN Quest Limited, First Bank of Nigeria, Access Bank, Zenith Bank and Abubakar Sulu-Gambari “from petitioning, initiating, inviting or procuring the EFCC or any law enforcement agency to interfere with or investigate, freeze, seize, disrupt or in any manner affect the operations, assets, funds and interest” of Jones Creek Hydrocarbon.
Background
The debt default suit resulted from the move by FBN Quest Merchant Bank and First Trustees to recover debts surpassing $1 billion and N430 billion allegedly owed by Neconde, Nestoil, Mr Obiejesi and Mrs Azudialu-Obiejesi.
To ease the recovery of the debt, the financial institutions appointed Mr Sulu-Gambari as receiver/manager over Nestoil and Neconde.
Justice Deinde Dipeolu of the Federal High Court subsequently issued a Mareva injunction freezing the companies’ accounts and shareholdings in over 20 financial and corporate institutions. Multiple security agencies were also instructed to assist in enforcing the receivership.
The order authorised the receiver/manager to take possession of Nestoil’s headquarters and other assets, and assume control of Neconde’s interest in OML 42, the oil block it operates jointly with NNPC Limited.
The receiver took possession of Nestoil’s head office on 22 October 2025.
Amid allegations of bias and misconduct by Nestoil and Neconde, Chief Judge John Tsoho of the Federal High Court reassigned the case to another judge. On 20 November 2025, the new judge, Justice J. Osiagor, withdrew the earlier receivership-enforcement order. FBN Quest Merchant Bank and First Trustees appealed against the decision on 22 November 2025.
On 29 November 2025, the Court of Appeal, in a ruling delivered by Justice Yargata Nimpar, issued a restorative injunction reversing Justice Osiagor’s decision and forbidding Nestoil, Neconde and their agents from obstructing the receiver/manager pending the hearing of the appeal.
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On 12 January, the Supreme Court ordered all the parties in the suit to return to the Court of Appeal for resolution of a major procedural issue.
It declared that the lower court had to resolve the issue around legal representation in the case.
On 23 January, the Court of Appeal disqualified Wole Olanipekun, Muiz Banire, and other lawyers appearing with them from representing Neconde and Nestoil.
The court ruled that the receivership of Abubakar Sulu Gambari had suspended Mr Azudialu-Obiejesi’s powers.
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