PUBLIC NOTICE: RESPONSE TO THE CLAIMS OF THE PURPORTED RECEIVER/MANAGER

The attention of Nestoil Limited (“Nestoil”) has been drawn to recent public notices and statements issued by Mr. Abubakar Bature Sulu-Gambari, SAN, who claims to act as Receiver/Manager on behalf of First Trustees Limited (“First Trustees”) and FBNQuest Merchant Bank Limited (“FBNQuest”).

These notices purport to confer upon him the right to take possession of assets belonging to Nestoil.

In the interest of the public and all stakeholders, it is imperative to clarify the true legal position and dispel any misconceptions arising from these claims.

In Suit No. FHC/L/CS/2127/2025 before the Federal High Court, Lagos, the principals of the purported Receiver/Manager, First Trustees and FBNQuest, specifically raised the question of whether or not the Receiver/Manager is entitled to exercise its acclaimed receivership rights and powers over the assets of Nestoil. This issue remains unresolved and is still subject to judicial determination. In the absence of a definitive judicial pronouncement affirming such entitlement, the Receiver/Manager cannot lawfully ascribe those powers to himself, nor act as if they have been conferred. Any attempt to do so is premature, unsupported by law, and amounts to a disregard for the authority of the court.

It is also a matter of public record that the judicial protection previously enjoyed by the Receiver/Manager, by virtue of an ex parte order, no longer subsists. That order has since been vacated by the Federal High Court, and there is no existing order granting the Receiver/Manager, or any other person acting on behalf of his principals, any right to take possession of, or exercise control over, the assets of Nestoil. Any claim to the contrary is misleading and without legal foundation.

Furthermore, in Suit No. FHC/ABJ/CS/2296/2025 before the Federal High Court, Abuja, the defendants therein, including the principals of the Receiver/Manager are expressly restrained from commencing or continuing any legal action against Nestoil pending the determination of the said proceedings. This order remains in force and is binding on all parties. Any attempt to circumvent or disregard this order constitutes a clear contempt of court.

It is also a well-established principle of Nigerian law, as affirmed in the Supreme Court decision of Ojukwu v. Governor of Lagos State, that where a motion on notice is pending before a court, no party may take steps that would prejudice the outcome of the substantive application or undermine the authority of the court. The law requires all parties to maintain the status quo until the court has had the opportunity to fully hear and determine the issues before it.

Nestoil therefore wishes to make it abundantly clear that there is no valid or subsisting receivership over its assets. The purported Receiver/Manager – Mr. Abubakar Bature Sulu-Gambari SAN, has no valid authority, whether acting alone or through any other party to take possession of, or interfere with, Nestoil’s assets. Any contrary claim or act of possession by the purported Receiver/Manager, is not only without legal basis but is also in contempt of subsisting court orders.
Members of the public, business partners, and all stakeholders are hereby strongly advised to disregard any notice, publication, or representation suggesting that the Receiver/Manager or his principals have lawful authority over the assets of Nestoil. Any person who deals with such parties does so at their own peril, with significant financial and legal risk, and in clear disregard of the true legal position.

Signed: Management