Nestoil, Neconde Seek $1.8bn Damages against Firstbank, Access Bank, Zenith over 20,000 Bpd Crude Oil Loss

• Drawcok slams N100bn action against FBNQuest, three others for alleged forceful seizure of property

Alex Enumah in Abuja

Nestoil and Neconde have instituted processes for a $1.8 billion damages suit against FBN Quest, FBN Trustees, Firstbank, their Receiver, Access Bank, Zenith Bank and ors for what they describe as reckless and unlawful disruption of oil production.

Both companies alleged that the banks’ actions and the actions of their receiver crippled operations, slashing crude oil output from 60,000 barrels per day to below 40,000 barrels per day.

Besides, Nestoil and Neconde maintained that the action also impacted the planned new oil wells drilling campaign with the Pathfinder 500 Drilling Rig with devastating financial consequences and wider economic impact.