A consortium of international senior lenders is set to return to court on June 22, 2026, in a decisive move to challenge what they describe as unlawful actions by First Bank Nigeria Trustees and its appointed Receiver-Manager.
The International senior lenders in Suit No FHC/L/CS/2545/2025 are alleging serious breaches of fiduciary duty and trust, including the creation of unauthorized security interests without their consent. They are seeking far-reaching reliefs—among them, the invalidation of the disputed security, the removal of FBN Trustees, and the complete ouster of the purported Receiver-Manager.
This comes on the heels of the landmark Supreme Court judgment of June 1, 2026, which fundamentally altered the landscape of the dispute. In a decisive ruling, the apex court set aside the Court of Appeal orders that had previously provided the legal cover for the Receiver-Manager’s actions.
Those orders had been aggressively relied upon to justify sweeping enforcement measures, including attempts to assume control over Nestoil and Neconde’s assets. With their nullification, the legal foundation for those actions has effectively collapsed and all assets and accounts of Neconde and Nestoil unfreezed.
