News

Glencore, AFC, Mauritius Bank, Fidelity Drag FBN Trustees, Sulu Gambari To Court

Published

4 months ago

January 22, 2026

In a significant escalation in the ongoing legal battles shaping Nigeria’s oil and gas sector, a consortium of international financial institutions—Glencore Energy UK Limited, Africa Finance Corporation, Mauritius Commercial Bank, and Fidelity Bank—has filed a lawsuit against FBN Trustees Limited.

The action targets both FBN Trustees and the appointed receiver, Abubakar Sulu-Gambari SAN, over what foreign lenders allege is an unlawful attempt to seize control of Neconde Energy Limited’s interests in the prized Oil Mining Lease 42 (OML 42).

The foreign lenders contend that the appointment of Abubakar Sulu-Gambari SAN as Receiver/Manager constitutes an unlawful attempt to enforce a subordinate security in breach of their rights.

Background: Disputed interests in Neconde and OML 42
Neconde Energy Limited, a prominent player in Nigeria’s oil and gas sector, holds 45% interests in OML 42, an oil asset of strategic importance.

The foreign lenders, comprising an international oil trading entity and international financial institutions, as well as Fidelity Bank, extended credit facilities to Neconde, with FBN Trustees appointed as their security trustee under the agreed terms.

The dispute arises from the complex web of relationships among Neconde, the foreign lenders and a consortium of Nigerian banks grouped as the “Nestoil Lenders”.

This Nestoil lenders include First Bank Limited and FBN Trustees – an entity affiliated with First Bank Nigeria Limited was also acting as trustee for the Nestoil Lenders.

Allegations: Breach of trust and unlawful creation of security
At the heart of the lawsuit are accusations that FBN Trustees breached its fiduciary duties and trust obligations by orchestrating the creation of a secondary security interest over Neconde’s assets in OML 42, to benefit the Nestoil Lenders.

The foreign lenders contend that this security was established through a Deed of Charge executed by FBN Trustees, despite the explicit lack of consent from the foreign lenders—a requirement set out in the original terms of their lending relationship involving FBN Trustees.

Notably, the lawsuit asserts that Neconde owe the Nestoil Lenders, further rendering the creation of this additional security without the requisite consent completely unlawful.

Foreign Lenders’ Position: Demands and Legal Arguments
The plaintiffs argue that FBN Trustees, fully aware of the need for prior approval and having received a clear refusal, nonetheless proceeded to create the contested security interest.

This action, they claim, constitutes a serious breach of trust and fiduciary responsibility, exposing FBN Trustees to liability for acting in the interests of parties with no legitimate claim over Neconde’s assets.

The foreign lenders are seeking damages and judicial orders to invalidate the contested security, remove FBN Trustees from its role as security trustee, and remove Abubakar Sulu-Gambari SAN as a purported receiver.

They are asking the court to interpret and enforce the priority provisions of the facility agreement, debenture, and intercreditor deed, and to determine the legality of both the subsequent security and the receiver’s appointment.

In a written address in support of an originating summons dated December 11, 2025, the plaintiffs argued that the December 2022 Deed of Charge is void, invalid, and legally ineffective, having been executed without their consent.

This development adds a complex layer to the ongoing court disputes between First Bank Nigeria entities, Neconde, and Nestoil.
Legal experts note that the involvement of multiple international lenders and the allegations of fraudulent security creation may have far-reaching implications.

The case raises serious ethical questions about governance and transparency in Nigeria’s banking, potentially undermining investor confidence and casting a shadow over the country’s investment climate.

Critics warn that such disputes, if left unchecked, could deter future foreign investment and damage the reputation of Nigeria’s financial institutions.

As the court considers the foreign lenders’ claims, stakeholders across the banking and oil industries are closely monitoring the outcome.

News

Children’s Day: Chaos At Ogbe Stadium As Dozens Faint

Published

13 hours ago

May 27, 2026

Editor

Chaos erupted on Wednesday during the Children’s Day celebration as dozens of students reportedly collapsed following a stampede triggered by the use of pepper spray.

The event,
organised by the Edo State Ministry of Education at the Samuel Ogbemudia Stadium was disrupted after some male students of Ihogbe College allegedly made uncompromising advances towards female students at the venue.
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‎ A parent who identified himself as Oboh Emmanuel said, “the behaviour of those uncultured students attracted the attention of bouncers stationed at the stadium as they rebuked the male students.”
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‎Oboh said the affected students later regrouped and attacked the bouncers, leading to a confrontation within the crowded arena.

READ ALSO:Children’s Day: Edo Commits To Child Protection
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It was gathered that in the ensuing confusion, the bouncers were reported to have deployed pepper spray in an area occupied by a large number of students.
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‎Several students, particularly female students, reportedly fainted after inhaling the substance, while others sustained injuries after being stepped on during the ensuing melee.
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‎The panic was said to have spread across the stadium as students, teachers and parents scampered for safety.
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‎Many of the affected students were reportedly rushed to the Edo Specialist Hospital for medical attention.

Reacting to the incident, Chief Press Secretary to Governor Monday Okpebholo, Dr Patrick Ebojele, said the security personnel that fired the tear gas had been detained.

He said all the students, except two, that were rushed to the hospital have been discharged.

Ebojele stated that doctors wanted to observe the students till tomorrow before allowing them to go home.

“The two students are not seriously injured. Doctors want to observe them overnight. Permanent Secretary, Ministry of Education is still at the hospital. The man who used pepper spray has been detained.

“The incident did not happen the way it is being exaggerated. All modalities were put in place to ensure the children enjoyed their day.”
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News

Okpebholo Salutes Edo Muslims, Seeks Continued Support, Prayers

Published

14 hours ago

May 27, 2026

Editor

Governor Monday Okpebholo of Edo State has urged Muslims and all Nigerians to continue to pray for peace, unity and progress in the country even as they celebrate the annual Eid-al-Adha

The governor, who was represented by his deputy, Dennis Idahosa, stated this during the annual Eid-al-Adha celebration with Muslim faithfuls held at Government House in Benin City.

He reiterated his administration’s commitment to fairness, inclusivity and equal opportunities for all citizens irrespective of religion and tribe.

According to him, the present administration remains determined to building a government that reflects the diversity of Edo State, noting that competent and qualified Muslims have continued to play vital roles in his government because of their capacity, integrity and commitment to service.

“As a government, we remain committed to fairness, inclusivity and equal opportunity for every Edo citizen, irrespective of religion, ethnicity or political affiliation. This is why quality and competent Muslims are serving in key positions in our administration.”

Okpebholo appreciated the Muslim community in Edo State for their unwavering support and continuous prayers for his administration, noting that such prayers and support have contributed immensely to the peace and steady development being witnessed across the state.

He then called on all Nigerians to use the occasion of Eid-al-Adha to pray for the administration of President Bola Ahmed Tinubu, stressing that the country needs collective prayers, unity and cooperation to overcome its present economic and security challenges.

“I urge all Muslims and indeed all Nigerians to use this occasion to pray for our dear nation and for the administration of President Bola Ahmed Tinubu. Nigeria needs our collective prayers, unity and support as we strive to overcome our challenges and build a more prosperous future for all.”

In his remarks, the Chief Imam of Edo State, Abdulfatai Enabulele, applauded the governor for what he described as remarkable developmental strides recorded in less than two years in office.

The cleric commended the administration for ongoing infrastructural development and efforts geared towards improving governance in the state, but appealed to the government to revisit and complete some abandoned projects inherited from the previous administration for the benefit of the people.

News

Children’s Day: Edo Commits To Child Protection

Published

14 hours ago

May 27, 2026

Editor

The Edo State Government has reaffirmed its commitment to protecting the rights of children, promoting quality education, and strengthening sports development across the state.

This assurance was given by the governor of Edo State, Monday Okpebholo, during the 2026 Children’s Day Celebration and Governor’s Cup Finale held on Wednesday at the Samuel Ogbemudia Stadium, Benin City.

Addressing pupils, students and teachers,
the governor described children as the pride of Edo State and the future of the nation.

The governor, represented by his deputy, Dennis Idahosa,
noted that the annual celebration provides an opportunity to honour their dreams, talents, and limitless potential.

Speaking on this year’s Children’s Day theme, “Choose Kindness, Reject Bullying,” the governor said the message was timely and significant, as it emphasizes the need to create safe, supportive, and inclusive environments for children both in schools and communities.

He stated that bullying in all forms — physical, verbal, emotional, or online — has no place in society, adding that the Edo State Government remains fully committed to protecting the rights and dignity of every child.

According to him, the administration will continue to strengthen policies and programmes that promote child protection, discipline, mutual respect, and positive learning environments across schools in the State.

The governor urged children to embrace kindness, compassion, teamwork, and respect for one another, stressing that true strength lies not in intimidation but in empathy, good character, and mutual understanding.