The commissioner of police has been accused of defying the Federal High Court, Lagos Division, order directing the vacation of Nestoil premises. 

According to reports by Nestoil and court officials, who spoke on condition of anonymity because they were authorised to speak for the court, police officers resisted the sheriff sent to enforce the ruling and used tear gas to disrupt proceedings.

A video seen online showed a security officer preventing an apparent court official from effecting the court order.

The dispute stems from ex parte orders previously obtained by First Bank entities and their proxies, FBN Quest and First Trustees. 

The orders have since been set aside after the court found evidence had been concealed. 

Despite this, the law enforcement agency blocked enforcement of the court’s order. Nestoil have expressed concerns about law enforcement neutrality in the matter.

Nestoil Limited had accused FBNQuest Merchant Bank of attempting to take over the oil firmand deliberately refusing to release statements of accounts relating to a disputed $1 billion loan.

This is as the firm moves to appoint ten local and international forensic auditors to scrutinise its bank accounts across Nigeria.

Court documents reveal that Nestoil repeatedly followed up with FBNQuest and the lenders, through emails dated February 6, 2024; March 12, 2024; March 25, 2024; April 20, 2024; and June 1, 2024, requesting statements of accounts, but neither FBNQuest nor any of the lenders provided the statements of accounts to Nestoil.

The debt claims under dispute, based on unverified figures, exceed $1.01 billion and N430 billion.

FBNQuest, as the facility agent, was expected to act on behalf of all lenders in the syndicated loan, administer the loan, coordinate communication between Nestoil and the lenders, and maintain transparency. However, Nestoil claims that the bank (FBNQuest) did not fulfil its fiduciary duties.

Meanwhile, rather than providing the bank statements requested by Nestoil to enable the company to verify its payment obligations to the lenders, FBNQuest approached the court to obtain ex parte Mareva and receivership orders freezing Nestoil’s assets and shares, bypassing due process and failing to respond to repeated Nestoil demands for information.

Following the development, Nestoil has demanded a proper forensic reconciliation of its loan accounts with the lenders.

In a related development, Drawcok Estate Limited has issued a public warning against what it described as unlawful efforts to sell, lease, or assume control of the iconic Nestoil Towers in Victoria Island, Lagos.

The firm noted that there are multiple court orders restraining any dealings with the property.

In a public notice seen by Peoples Gazette on Monday, the company alerted potential buyers, investors, financial institutions, and the general public that the property located at 41/42 Akin Adesola Street and 60 Saka Tinubu Street is currently the subject of ongoing litigation before both the Federal High Court and the Court of Appeal.

Drawcok, the legal owner of the property, said it was compelled to issue the notice following recent “misleading and unlawful” representations by individuals allegedly acting on behalf of Guaranty Trust Bank (GTBank) and others.

Although widely known as Nestoil Towers due to branding arrangements with its first tenant, the firm clarified that all legal title to the land and the building belongs exclusively to Drawcok.

At the centre of the dispute is Suit No. FHC/L/CS/1812/2024, in which the Federal High Court granted a binding order restraining GTBank, its agents, and assigns from transferring, leasing, selling, mortgaging, or otherwise dealing with the multi-storey commercial complex pending the determination of the suit.

Drawcok, in its notice, emphasised that the restraining order remains valid and has not been set aside or vacated.

The company further disclosed that multiple appeals—CA/LAG/PRE/ROA/CV/66M1/25, CA/LAG/PRE/ROA/CV/66M2/25, and CA/LAG/PRE/ROA/CV/161M1/25—are pending before the Court of Appeal, underscoring the complexity and ongoing nature of the cases.

Drawcok noted that individuals claiming to act under the authority of GTBank’s lead counsel in the subsisting suit have been approaching third parties and suggesting that they have a mandate to sell or lease the high-rise building.

It dismissed these claims as false, misleading, and legally unenforceable, insisting that no party is permitted to transact on the property in view of the binding court order.

The company also referenced another case, Suit No. FHC/L/CS/2127/2025, filed by FBNQuest Merchant Bank Limited and First Trustees Limited against Nestoil Limited.

Drawcok said the FBN parties “wrongfully, whether by error or otherwise,” obtained an order purporting to seal or take control of the property.