Neconde Power has requested the Federal Excessive Court docket in Abuja to restrain the Nigerian Upstream Petroleum Regulatory Fee (NUPRC) from allegedly approving to banks the disruption and interference of operations within the Nigerian onshore Oil Mining Lease (OML) 42 primarily based on an alleged mortgage.
The request was disclosed in a go well with filed by Neconde, White Dove Transport Firm Restricted, and 4 different plaintiffs towards the NUPRC, 4 business banks, African Import-Export {Bank} (Afreximbank), and three different corporations.
A key subject earlier than the court docket, presided over by Justice Mohammed Umar, is whether or not the NUPRC can, by way of its letter dated October 15, 2025, with Reference No. NUPRC/LD/CPL/2839/Vol.2/2025/94, enable brokers of any cost holder to take over or disrupt the operations of property within the OML 42 Joint Enterprise—of which the Federal Authorities of Nigeria holds a 55% stake and is the operator—“when the property lined by the primary cost held by the 2nd–ninth defendants haven’t crystallised and are nonetheless operating.”
A primary cost holder is a lender with the best precedence declare on a borrower’s asset following a mortgage settlement.
In processes filed by Mohammed Diri (SAN) and Chino Obiagwu (SAN) seen by Nairametrics, the plaintiffs sought a perpetual injunction restraining the NUPRC and the respective banks from taking possession of Neconde’s property on the premise of any credit score services “beneath the primary cost or another cost, insofar because the cost on the services has not crystallised.”
They contended that the NUPRC’s letter was issued in error, as the ability between Neconde and any of the banks on this go well with has allegedly not crystallised and stays ongoing.
With regard to Nestoil lenders—particularly Access Bank, Zenith Bank, UBA, Ecobank, FCMB, Fidelity Bank, African Import-Export {Bank}, and First {Bank}—the attorneys submitted that they don’t have enforcement powers over Neconde “as a result of their cost over Neconde is subordinate, inchoate, decrease in precedence, and has not crystallised.”
The plaintiffs additional alleged that the banks have threatened to seal, take over, possess, and eliminate their properties primarily based on Nestoil’s liabilities to them as lenders, necessitating the court docket’s intervention.
Nairametrics gathered that the matter was scheduled for a listening to final Friday.
Nonetheless, the court docket didn’t sit, regardless that the names of the counsel for each the plaintiffs—Barrister Matthew Onoja—and the respondents had been listed on the court docket’s trigger record.
Neconde Power Restricted was integrated in November 2010 as a non-public oil and gasoline firm and commenced full operations in late 2011 following the three way partnership acquisition of OML 42 from Shell Petroleum Growth Firm (SPDC).
Neconde owns a forty five% stake, whereas the Nigerian Petroleum Growth Firm (NPDC) owns 55%.
Neconde is managed by Nestoil Restricted, a subsidiary of Obijackson Group, owned by Ernest Azudialu.
