Insiders at the court confirmed that the companies’ principal promoters, Ernest Azudialu-Obiejesi and his wife, Nnenna Obiejesi, are seeking to have the injunction reversed and the case reassigned to another judge — a move that has raised eyebrows within legal circles.
Justice D.I. Dipeolu had, on October 22, 2025, granted the injunction in favour of FBNQuest Merchant Bank Limited and First Trustees Limited, restraining the defendants from dealing in funds amounting to $1.01 billion and ₦430 billion — sums said to represent the total indebtedness of the companies as of September 30, 2025.
The court order also cited additional obligations personally guaranteed by Azudialu-Obiejesi, including over ₦366.8 billion, $61.2 million, $152 million, and ₦10.4 billion reportedly owed to Access Bank, First Bank, and Zenith Bank.
Enforcement and Fallout
The injunction was enforced on October 28, when police operatives sealed off Nestoil’s corporate headquarters in Victoria Island, Lagos, following the appointment of a receiver by the creditor bank. The development sent shockwaves through the oil and gas and financial sectors, given Nestoil’s long-standing prominence as a major indigenous player in Nigeria’s energy infrastructure market.
Ahead of the substantive hearing scheduled for Friday, sources said Nestoil’s promoters began lobbying to have the case reassigned from Justice Dipeolu, alleging bias. On Thursday, Dipeolu reportedly informed counsel that a petition had been filed against him, preventing him from sitting on the matter.
Alleged Pressure and Petition
TheCable reported that several senior lawyers have been linked to behind-the-scenes efforts to influence the reassignment of the case to a “more favourable” judge. The petition, addressed to Justice John Tsoho, the Chief Judge of the Federal High Court, reportedly accuses Dipeolu of procedural irregularities and overreach.
According to sources familiar with the document, the defendants argued that the Mareva order was improperly granted ex parte — that is, without giving them a chance to respond — and that one of the claims in the suit falls outside the jurisdiction of the Federal High Court, being a matter that should be handled by a state court.
The defendants further claimed that the Victoria Island property sealed by the police does not belong to Nestoil or its promoters, insisting the attachment was unlawful.
“We Don’t Have Faith in Dipeolu,” Says Nestoil Chief
Speaking to Premium Times, Ernest Azudialu-Obiejesi confirmed the existence of the petition and justified the move, saying the defendants had lost confidence in Justice Dipeolu’s handling of the case.
“We don’t have faith in Dipeolu,” he was quoted as saying, adding that the injunction should never have been granted in the first place.
A High-Stakes Legal Battle
The unfolding dispute underscores the high stakes involved in Nigeria’s commercial litigation space, where courts are increasingly called upon to adjudicate complex financial claims between local conglomerates and financial institutions.
Legal observers note that Mareva injunctions, while effective in preserving assets ahead of judgment, often trigger fierce resistance from corporate entities — especially in high-value debt recovery cases such as this.
With the case now clouded by allegations of judicial interference and corporate lobbying, all eyes will be on Justice Tsoho’s office to determine whether the petition will stand — and whether the case will remain under Dipeolu’s purview or be reassigned to another judge in what is shaping up to be one of the year’s most closely watched commercial disputes.