Olayiwola Matthew
The Federal High Court in Abuja has set aside earlier ex parte orders that restrained the Economic and Financial Crimes Commission (EFCC) from investigating Amaranta Oil and Gas Development Limited and Jonescreek Hydrocarbon Limited.
Both firms are affiliated with the Nestoil Group.
In its ruling, the court vacated the ex parte order issued on February 25, 2026, which had barred the EFCC from probing Jonescreek Hydrocarbon Limited. It also set aside a similar order granted on March 2, 2026, in favour of Amaranta Oil, thereby clearing the way for investigations into alleged criminal infractions.
Court documents revealed that the companies had filed suits listing the EFCC as the first defendant, alongside several financial institutions, including FBNQuest Limited, First Bank of Nigeria Limited, Access Bank Plc, Zenith Bank Plc, Fidelity Bank Plc, and Africa Finance Corporation.
Other defendants named in the suits include Glencore Energy Limited, Hydeco Energy Services Limited, Nestoil Limited, and Neconde Energy Limited.
The EFCC had filed a motion on notice dated March 3, 2026, and submitted on March 10, seeking to overturn the earlier court order.
“UPON THE MOTION ON NOTICE dated the 3rd day of March, 2026 and filed on the 10th day of March, 2026 praying this Honourable Court for the following reliefs:- An order setting aside and/or discharging the Exparte order made by this Honourable Court on the 2nd day of March, 2026, restraining the 1st Respondent (EFCC) from freezing and/or investigating the Applicant and it’s bank accounts),” the document said.
“An order striking out this suit for want of jurisdiction. An order dismissing the suit for being an abuse of Court process. And for such further order(s) as this Honourable Court may deem fit to make in the circumstances.”
At the hearing, A.O. Mohammed, alongside B. Buhari, appeared for the EFCC, while Chino Obiagwu (SAN), with Miriam Balonwu and C. Emelumba, represented the plaintiffs.
Other counsel included V. Ogunde with Buchi Ofulue for the second to fifth defendants; Kehinde Wilkey for the sixth defendant; Ali Yakubu for the eighth defendant; A.T. Soremu for the 10th defendant; and C. Chukwu for the 12th defendant.
In its ruling delivered on April 15, 2026, the court granted the EFCC’s application, ordering that the interim order issued on March 2, 2026, be rescinded, vacated, and set aside.
Earlier, on December 1, 2025, the corporate office of Nestoil Limited in Victoria Island, Lagos, was taken over by a receiver following a “restorative injunction” issued by a Court of Appeal.
The company had been placed under receivership by a consortium of lenders over an alleged $2 billion debt, based on an order from the Federal High Court.
