Nestoil Limited has rejected media accounts asserting that the engineering firm and its affiliate Neconde face receivership proceedings, characterizing such coverage as inaccurate and potentially prejudicial to litigation involving FirstBank Trustees and FBNQuest Merchant Bank. Legal representative Abimbola Attitebi confirmed that judicial authorities at the Federal High Court in Lagos denied plaintiffs' emergency motions seeking formal validation of their proposed receiver-manager while related petitions from secondary creditor institutions await resolution.
The company maintains that unconfirmed receiver appointments lack statutory power to seize corporate holdings or restrict director bank access. Attitebi emphasized that litigants who invoke court jurisdiction must respect judicial processes rather than pursue extrajudicial remedies, warning that premature receivership declarations constitute contempt as parties await final determinations on outstanding claims.
The company maintains that unconfirmed receiver appointments lack statutory power to seize corporate holdings or restrict director bank access. Attitebi emphasized that litigants who invoke court jurisdiction must respect judicial processes rather than pursue extrajudicial remedies, warning that premature receivership declarations constitute contempt as parties await final determinations on outstanding claims.
