The Court of Appeal has disqualified Wole Olanipekun and Muiz Banire as counsel representing Nestoil and Neconde in the $2 billion debt case filed by FBNQuest Merchant Bank Limited and First Trustees.
The court ruled that the powers of the Ernest Azudialu-Obiejesi-led board of directors to appoint lawyers have been suspended by the receivership.
The appeal court granted the orders to disqualify and suspend the senior lawyers and other members of the legal team assembled by Azudialu-Obiejesi, maintaining that the plaintiff that sued and appointed the receiver is the entity that can appoint lawyers for the defendants.
The court also struck out all processes filed by the law firms.
This decision follows a federal high court order authorizing First Trustees and its subsidiary, FBNQuest Merchant, to take over Nestoil and Neconde’s assets due to outstanding debts.
The companies and their promoters had approached the court to set aside the order, but the appeal court’s ruling has now disqualified Olanipekun and Banire from representing them.
