Supreme Court on Friday overturned a Court of Appeal, Lagos Division, judgment, reinstating Chief Wole Olanipekun (SAN) and Dr. Muiz Banire (SAN) as counsel for Nestoil and Neconde in the ongoing $2 billion debt recovery suit instituted by FBNQuest Merchant Bank Limited and First Trustees.
The appellate court had suspended the powers of the Ernest Azudialu-Obiejesi-led boards of the companies to appoint lawyers, citing receivership proceedings.
Delivering the lead judgment on Friday, the apex court voided the lower court’s decision, upholding the principle of fair hearing.
It affirmed that Nestoil and Neconde remain valid legal entities with the inherent right to select counsel of their choice to safeguard their interests in the dispute.
The ruling clears the path for both firms to engage their preferred lawyers without interference.
Earlier, the Supreme Court had ordered parties to reconvene at the Court of Appeal to settle the representation row and report progress by January 26, 2026, on remaining matters.
Nestoil, Neconde, and promoters Ernest Obiejesi and Nnenna Obiejesi filed the successful appeal.
Chief Olanipekun acted for Neconde, while Dr. Banire represented Nestoil; their briefs were contested by Ayo Olorunfemi (SAN) leading Ame Ogie for Neconde, and Ayoola Ajayi (SAN) leading M.B. Ganiyu for Nestoil.
