FBN Quest Merchant Bank Limited and First Trustees Limited have appealed the decision of Justice D.E Osiagor of the Federal High Court Lagos on Thursday, setting aside earlier orders granted by Justice Deinde Dipeolu of the same court against Nestoil Limited in respect of an alleged multi-billion dollar debt default.
In a motion on notice filed at the Court of Appeal in Lagos on Friday and obtained by PREMIUM TIMES, the appellants sought an order suspending the operation or effect of the orders of the high court made on 20 November 2025 pending the hearing and determination of their appeal.
They also requested the court to issue an injunction prohibiting Nestoil and its affiliate, Neconde Energy, as well as its principal promoters – Ernest Azudialu-Obiejesi and Nnena Obiejesi – from enforcing or taking any action in implementing the order of the lower court pending the hearing and determination of their appeal.
“The judgement of the Court of Appeal will be rendered nugatory, if any steps were to be taken in the proceedings at the Lower Court without first determining the issues raise
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