The Digest:
A tense standoff unfolded at the Lagos headquarters of Nestoil Limited between the company’s management and a court-appointed receiver. The dispute escalated as management, accompanied by a security team and journalists, attempted to reclaim the building, citing a recent court judgment, while the receiver insisted his mandate remained intact pending an appeal.
Key Points:
- A standoff occurred at Nestoil’s Lagos headquarters between the owners and the receiver manager.
- Management arrived with a security team and journalists streaming the event live.
- They cited a court judgment that had vacated a previous asset-freezing order.
- Receiver Manager Abubakar Sulu-Gambari stated an appeal had been filed.
- Police reportedly used tear gas to disperse individuals at the scene.
- The legal battle involves alleged debts of over $1 billion and N430 billion.
- The case is set to resume in court on November 25 and December 12.
Sources: Premium Times
