Concern For Nigeria’s Oil Sector Integrity
The legal battle between Neconde Energy Ltd, Nestoil Ltd and First Bank of Nigeria (FBN) Plc has taken a worrisome dimension, with the revelation that a senior lawyer, Babajide Koku, is currently representing both FBN and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in related lawsuits, and without informed consent.

The development, besides raising the issue of conflict of interest, can threaten the integrity of Nigeria’s oil sector, stakeholders have warned.

Neconde Energy Limited, Nestoil Limited, and a consortium of financial institutions represented by FBN Quest Merchant Bank Limited and First Trustees Limited, are currently engaged in legal battle at the Lagos and Abuja divisions of the Federal High Court in the suits marked: FHC/L/CS/2127/2025 and FHC/ABJ/CS/2369/2025.

The suits revolve around moves by FBN parties to take over and control critical petroleum assets belonging to Neconde Energy Limited and Nestoil Ltd, over an alleged outstanding $1 billion debt.