ABUJA, Nigeria – In a development that has raised eyebrows among legal and anti-corruption observers, the Federal High Court of Nigeria, Abuja Division, has issued an interim injunction ordering the Economic and Financial Crimes Commission (EFCC) to cease any disruption to the operations of Jones Creek Hydrocarbon Limited, a company linked to the Nestoil Group, and to refrain from freezing its accounts.
The court's directive, issued by Justice P.O Lifu, also explicitly forbids a list of financial institutions – FBN Quest Limited, First Bank of Nigeria, Access Bank, Zenith Bank – along with Abubakar Sulu-Gambari (appointed receiver/manager), from initiating or procuring the EFCC or any other law enforcement agency to interfere with, investigate, freeze, seize, disrupt, or in any manner affect the operations, assets, funds, and interests of Jones Creek Hydrocarbon Limited. The judge has fixed 11 March as the return date for the case.
Jones Creek Hydrocarbon Limited, through an originating summons dated 23 February, is seeking a declaration that neither the EFCC nor the other defendants have the authority to interfere with its operations or assets, or to take actions against its operational funds, citing provisions of the Petroleum Industry Act (PIA) 2021. The company contends that Section 25 of the PIA 2021 mandates consultation with the Nigerian Upstream Petroleum Commission before any government agency takes action that may directly impact upstream petroleum operations.
Furthermore, Jones Creek Hydrocarbon argued that the EFCC's powers concerning forfeiture proceedings under its Act do not extend to the company's role as a technical partner and operator under the Funding and Technical Services Agreement for OML 42. The company asserted that the EFCC cannot function as a debt recovery agent, even under the guise of investigating complaints or petitions related to loan facilities from the defendants.
The originating summons also requests an injunction to prevent the defendants, who are already involved in suits against Neconde and Nestoil at various courts concerning the same subject matter, from involving the EFCC or any law enforcement agency in investigations against Jones Creek Hydrocarbon pending the full determination of those court matters. The company warned that halting operations at OML 42 could disrupt approximately 7.5 per cent of Nigeria's crude oil production, impacting its technical machinery, equipment, and expatriate personnel.
The underlying debt recovery dispute originated from efforts by FBN Quest Merchant Bank and First Trustees to recover debts allegedly owed by Neconde, Nestoil, Azudialu Obiejesi, and Nnenna Azudialu-Obiejesi. These debts are reported to total over $1 billion and N430 billion. As part of the recovery process, Abubakar Sulu-Gambari was appointed receiver/manager over Nestoil and Neconde.
This appointment led to a Mareva injunction issued by Justice Deinde Dipeolu of the Federal High Court, freezing the companies' accounts and shareholdings across more than 20 financial and corporate institutions. The order also empowered the receiver/manager to take possession of Nestoil's headquarters and control Neconde's interest in OML 42. The receiver took possession of Nestoil's head office on 22 October 2025.
Subsequently, Chief Judge John Tsoho reassigned the case amidst allegations of bias and misconduct. A new judge, Justice J. Osiagor, revoked the earlier receivership-enforcement order on 20 November 2025, a decision that was appealed by FBN Quest Merchant Bank and First Trustees on 22 November 2025. The Court of Appeal, on 29 November 2025, delivered a ruling by Justice Yargata Nimpar that reversed Justice Osiagor's decision, restoring the receivership and restraining Nestoil, Neconde, and their agents from obstructing the receiver/manager pending the appeal hearing.
The case reached the Supreme Court on 12 January, which directed all parties to return to the Court of Appeal to resolve a significant procedural issue concerning legal representation. On 23 January, the Court of Appeal disqualified Wole Olanipekun, Muiz Banire, and other lawyers from representing Neconde and Nestoil, ruling that the receivership had suspended Mr Azudialu-Obiejesi's powers.
Nnenna Azudialu-Obiejesi, a principal promoter of Nestoil Group and Neconde Energy, holds a 50 per cent stake in Jones Creek Hydrocarbon Limited, making her a significant controller of the company. The company is also involved in litigation at the Supreme Court and the Court of Appeal concerning the debt default.
