The travails of Nestoil and the travesties of courts, as reported by The Guardian Nigeria on May 5, 2026, highlight a troubling chapter in Nigeria's judicial history. In a week when the judiciary faced intense scrutiny, the case of Ernest Azudialu-Obiejesi, known as Obijackson, and his wife Nnenna, both entrepreneurs, exemplifies how flawed dispute resolution can stifle development. The cases involve control of assets worth billions of dollars and complex secured credit transactions, with profound implications for Nigeria's economy.
The Journey Through the Court System
These cases have traversed the Federal High Court, Court of Appeal, and Supreme Court, generating tens of thousands of pages of filings and thousands of billable hours for top lawyers. Despite the complexity, the underlying narrative is clear: the courts have often performed dismally.
Background of the Obijackson Group
Ernest Azudialu-Obiejesi, founder of Nestoil in 1991, is one of Nigeria's richest individuals. His group includes Neconde Energy, which holds 45% of Oil Mining Lease 42, with NNPC owning the remainder. The group employs over 3,000 directly and supports 15,000 indirect jobs.
The Credit Facility and Dispute
In December 2022, First Bank Group led a syndicate of 16 Nigerian banks and Afrexim Bank to restructure Nestoil's debt under a Common Terms of Agreement (CTA) governed by English law with dispute resolution in England. Neconde Energy and the Obiejesis guaranteed the transaction. In October 2025, Judge Deinde Isaac Dipeolu issued an ex parte order authorizing a receiver to take control of Nestoil and Neconde's assets, including Nestoil Tower, owned by Drawcock Estates Limited, a non-party to the CTA.
Contradictory Court Orders
Earlier orders by Judges Ambrose Lewis-Allagoa and Muslim Sule Hassan had restrained such enforcement and preserved the status quo. Despite this, Judge Dipeolu proceeded, leading to police sealing of Nestoil Tower. Following a petition, Chief Judge transferred the case to Judge Daniel Osiagor, who vacated Dipeolu's order on November 20, 2025.
Court of Appeal's Questionable Actions
The First Bank Group appealed and obtained an ex parte "restorative injunction" from the Court of Appeal on November 27, 2025, without an underlying appeal or hearing the other side. In January 2026, the same court disqualified Obijackson's lawyers, ruling only the receiver could participate. The Supreme Court on April 10, 2026, condemned this as an abdication of judicial responsibility and enabled abuse of process.
Implications for Nigeria
With the Supreme Court settling representation, the parties return to the High Court for the main dispute. The length and unpredictability of this process deter investors. As Odinkalu notes, the courts' performance has been consequential for the wrong reasons, potentially discouraging foreign investment in Nigeria.
