LAGOS—Proceedings at the Court of Appeal in Lagos were brought to an abrupt and dramatic halt on Thursday after a fierce and heated dispute erupted among senior lawyers over who holds the authority to represent Nestoil Limited and its affiliate, Neconde Energy Limited, in a multibillion-naira debt recovery case.

The internal legal clash forced the three-member appellate court panel to immediately adjourn the matter until January, prioritizing the resolution of the representation dispute before proceeding with the substantive appeal.

The Conflict: Two Teams Claiming Rightful Counsel

The confusion began during Thursday’s hearing when counsel were directed to announce their appearances. Two distinct legal teams rose to claim representation for the respondents, Nestoil and Neconde, who are facing a debt recovery suit from FBNQuest Merchant Bank Limited and First Trustees Limited over an alleged debt exceeding $1 billion and ₦430 billion.

• The Original Team: Chief Wole Olanipekun, SAN, who has represented Neconde, and Dr. Muiz Banire, SAN, who represented Nestoil at the Federal High Court, announced their continued appearance for the firms.

• The Receiver’s Team: Separately, Ayoola Ajayi, SAN, and Ayo Olorunfemi, SAN, announced their appearance for Nestoil and Neconde, respectively. This team was reportedly appointed by the receiver/manager, Abubakar Sulu-Gambari, SAN, who was put in charge of the companies’ assets by court order.

Chief Olanipekun, SAN, expressed profound shock, telling the court: “I am embarrassed. In my 49 years of practice, I have never had a dispute over representation with any lawyer in court.” He accused the appellants of creating the conflict by serving processes on the receiver’s counsel rather than the counsel of record.

Conversely, Ayoola Ajayi, SAN, insisted that he was properly appointed by the court-sanctioned receiver and urged the court to first resolve the counsel dispute, citing its precedence over all other applications, including jurisdiction.

Court Adjourns to January to Resolve Tussle

Presiding Justice Yargata Nimpar ultimately ruled that the matter of legal representation must be resolved before the court could proceed with the substantive appeal, stating that there was an “obvious conflict”.

The panel subsequently adjourned the case to January 15, 2026, directing all contending lawyers to file affidavits and written addresses to legally justify their right to appear for the two companies.

Background: The Receivership Context

The appeal itself was filed by FBNQuest Merchant Bank and First Trustees to challenge a ruling by the Federal High Court, which had vacated an earlier Mareva injunction freezing Nestoil and Neconde’s assets.

Prior to the adjournment, the Court of Appeal had already granted a restorative injunction, which effectively reversed the lower court’s decision and ordered that Nestoil and Neconde remain under the control of the receiver/manager pending the full hearing of the appeal. The current legal tussle means that despite the change in lawyers, the companies will remain under receivership until the appellate court determines the valid counsel and hears the substantive matter next year.

The Securities and Exchange Commission (SEC) has issued a stern public warning against investing in an online platform known as Glorious Wealth Fund (GWF), describing its operations as illegal and potentially fraudulent.

In a statement released on Thursday, the Commission said GWF, which operates through the website gloriouswealthfund.com, is neither registered nor licensed to provide any capital market services in Nigeria. Despite this, the platform has been advertising investment opportunities in Nigerian stocks and other financial instruments.

The SEC cautioned that such unregulated platforms pose significant risks to investors, stressing that Nigerians should only engage with entities duly registered with the Commission. “Any person dealing with GWF does so at their own risk,” the statement read, underscoring the regulator’s commitment to protecting the investing public.

This latest alert adds to a growing list of warnings issued by the SEC in 2025 against suspected fraudulent companies attempting to lure unsuspecting Nigerians with promises of high returns. The Commission has repeatedly emphasized that investors must verify the registration status of any firm before committing funds.

Industry analysts note that the rise of online investment schemes has made vigilance more critical than ever, as fraudsters increasingly exploit digital platforms to reach wider audiences.