Nestoil Limited has dismissed reports that it and Neconde Energy are under receivership, describing the publications as “blatantly false” and an attempt to prejudice ongoing litigation.
In a statement, the company said: “The purported publication that Nestoil and Neconde are under Receivership is blatantly false and an attempt to prejudice ongoing pending suit between First Bank Trustees and FBNQuest Merchant against Nestoil and others.”
Nestoil noted that an ex-parte application filed by the plaintiffs seeking judicial recognition of their purported receiver-manager was refused. “Furthermore all issues requesting judicial recognition in the substantive suit by the plaintiffs on behalf of the secondary lender Banks led by First Bank are still pending for hearing at the Federal High Court Ikoyi Lagos,” the statement added.
The company stressed that “any publication that Nestoil and Neconde are under Receivership is totally false, prejudicial and contempt of court.”
According to Nestoil, an inchoate receiver-manager appointment without recognition by the court has no powers to seize assets or freeze accounts. “An inchoate Receiver Manager appointment without recognition by the court as in this case has no powers to seize the defendants’ assets including freezing of its accounts and that of its Directors,” it said.
The company accused the plaintiffs of attempting to act outside the law. “The plaintiffs and its purported Receiver Manager cannot blow hot and cold at the same time. Nigeria law forbids self-help,” Nestoil stated.
It concluded that since the plaintiffs have already approached the court, they must await the outcome of the proceedings. “The plaintiffs having gone to court, they should as lawful citizens await final determination of their suits for judicial recognition of the Receivership amongst other reliefs,” the statement said.
