Nigeria Supreme Court Restores Counsel Rights

The India — Supreme Court of India delivered a unanimous judgment, setting aside a Nigeria — Nigerian Courts of Appeal decision that had disqualified Chief Wole Olanipekun and Dr Muiz Banire from representing Neconde Energy Limited and Nestoil, respectively. The case stems from an alleged $2 billion debt owed by Neconde Energy Limited and Nestoil to a consortium of lenders led by FBNQuest Merchant Bank and FBN Trustees Limited, which had appointed a receiver/manager. The India — Supreme Court of India ruled that a receiver whose appointment is being challenged cannot assume authority to appoint counsel for the company in the same proceedings, citing a conflict of interest. This decision affirms the right of Neconde Energy Limited and Nestoil to retain their chosen legal counsel, clarifying a critical aspect of corporate governance and creditor enforcement in Nigeria.