The Federal High Court of Nigeria, Abuja Division, has directed the Economic and Financial Crimes Commission (EFCC) to refrain from disrupting the operations of Jones Creek Hydrocarbon Limited, a part of Nestoil Group, and from freezing its accounts.
In an order of interim injunction issued by the court on 25 February, it similarly forbade the country’s top anti-corruption agency from applying for interim forfeiture or a Mareva injunction, or from making any effort against the company, until the hearing and determination of its motion on notice for an interlocutory injunction.
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Lawyers and anti-corruption activists consider the order shocking and extraordinary, saying it is unusual for a judge to preempt law enforcement and restrict its ability to carry out its constitutional duties.
Jones Creek Hydrocarbon is the technical operator of the Oil and Mining Lease (OML) 42, a joint venture in which the Nigerian government holds a 55 per cent interest (ownership and operation). Neconde Energy, an oil company currently battling litigation at the Supreme Court and the Court of Appeal alongside its affiliate Nestoil Group in respect of a multi-billion naira debt default, holds an interest in OML 42.
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Nestoil and Neconde have Azudialu Obiejesi and Nnenna Azudialu-Obiejesi as their principal promoters.
According to PREMIUM TIMES’ findings, Nnenna Obiejesi, one of the controllers of the Nestoil Group, has significant control over Jones Creek Hydrocarbon, holding a 50 per cent stake in the company.
P.O Lifu, the presiding judge, also gave an order prohibiting defendants 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.
Those financial institutions are creditors to Neconde and Nestoil in the multibillion-naira debt recovery suit. Mr Sulu-Gambari is the receiver/manager appointed by the financial institutions over Neconde and Nestoil. The judge fixed 11 March as the return date.
Orders sought by Jones Creek Hydrocarbon
Through an originating summons dated 23 February, Jones Creek Hydrocarbon sought an order declaring that the EFCC and other defendants cannot interfere with its operations or assets, or take any action against its operational funds, in accordance with the provisions of the Petroleum Industry Act (PIA) 2021.
Glencore Energy, Fidelity Bank, African Finance Corporation and Hydeco Energy Services are the other defendants in the suit.
According to the company, the PIA prohibits any action that impacts upstream oil and gas operations without the approval of the Nigerian Upstream Petroleum Commission.
“Any government ministry, department or agency exercising any power or function or taking any action, which may have a direct impact on upstream petroleum operations shall consult with the Commission prior to issuing any regulation, guideline, enforcement order or directive, exercising any such power or function or taking any such action,” Section 25 of PIA 2021 states.
John Creek Hydrocarbon also claimed that EFCC’s powers as regards forfeiture proceedings arising from proceeds of illegal acts or crimes under the EFCC Act, or such similar powers under any other comparable statute do not apply to the operations of the company as a technical partner and operator under the Funding and Technical Services Agreement setup by the Nigerian Government for the efficient running of OML 42.
The EFCC “cannot act as a debt recovery agent in any manner or under any guise of investigating any complaint or petition in any way whatsoever made by the 2nd to 10th Defendants as lenders against the Plaintiff or its affiliate or contractors, or any complaint or petition by the said Defendants in respect of a pending loan facility,” it declared.
John Creek Hydrocarbon also sought an order that, given that FBN Quest Limited, First Bank of Nigeria, Access Bank, Zenith Bank and Abubakar Sulu-Gambari are parties to suits against Neconde and Nestoil at various courts, the defendants cannot invite the EFCC or any law enforcement agency to open investigation or take any action against John Creek Hydrocarbon, pending the complete determination of the matters before the courts on the same subject matter.
It requested an injunction barring the EFCC from pursuing debt recovery against the company or any of its affiliates, or from investigating any petition made by the defendants against it or its affiliates with regard to the loan facility.
The company noted that halting the operations of OML 42 could hurt its technical machinery, equipment, and expatriate personnel, as well as cause a disruption of over 7.5 per cent of crude oil production in Nigeria.
The defendants, it remarked, have nothing to lose by waiting till the summons is decided so that the court will define the rights of the parties.
The Nestoil Group-FBN Quest Battle
The debt recovery dispute resulted from efforts by FBN Quest Merchant Bank and First Trustees to recover debts totalling over $1 billion and N430 billion allegedly owed by Neconde, Nestoil, Mr Obiejesi and Mrs Azudialu-Obiejesi.
As part of the recovery process, 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 across more than 20 financial and corporate institutions. Multiple security agencies were also directed to assist in enforcing the receivership.
The order empowered 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, revoked the earlier receivership-enforcement order. FBN Quest Merchant Bank and First Trustees appealed against the decision on 22 November 2025.
ALSO READ: No respite for Nestoil, owners as Appeal Court sacks their lawyers
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 restraining Nestoil, Neconde and their agents from obstructing the receiver/manager pending the hearing of the appeal.
On 12 January, the Supreme Court directed all the parties in the suit to return to the Court of Appeal for resolution of a major procedural issue.
It stated 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.
