Banks’ CEOs may go to jail as court warns FirstBank, Access, Zenith over alleged $1bn Nestoil Debt dispute
Maureen Aguta
The Federal High Court in Abuja has issued a sweeping warning to the Managing Directors of FirstBank, Access Bank and Zenith Bank, cautioning that they risk imprisonment for allegedly flouting a subsisting court order in a high-stakes dispute linked to an alleged $1 billion Nestoil-related debt.
The warning was delivered through multiple Form 48 Notices of Consequences of Disobedience to Court Order, stemming from an interim directive issued on November 6, 2025, in Suit No. FHC/ABJ/CS/2369/2025.
The case revolves around contested interests in an onshore oil asset and the FSO Ugo Ocha—key components of the OML 42 Joint Venture, in which the Federal Government holds a 55 per cent stake.
Banks Served at Multiple Locations
Form 48 notices dated November 13, 2025, were formally served on the FirstBank Managing Director at both the Marina Head Office in Lagos and the bank’s Abuja main branch on Muhammadu Buhari Way. Access Bank and Zenith Bank executives were similarly notified.
The notices reiterated that the court had ordered all parties to maintain the status quo, warning that continued deviation could amount to contempt.
“Unless you stop further disobedience and comply with the direction contained in the order… you will be guilty of contempt of court and will be liable to be committed to prison,” the court warned.
Attached to each notice was a copy of the original interim order, underscoring the court’s insistence on full compliance.
Court Order: Maintain Status Quo
In its November 6 ruling, the court refused an ex parte application for an interim injunction but ordered all parties to refrain from taking any action on the disputed oil and shipping assets pending a full hearing.
“The Court hereby directs all parties to maintain the status quo as at today, the 6th day of November 2025,” the order stated.
Parties were expressly prohibited from “dealing with the subject matter of the litigation” until the motion for interlocutory injunction is heard.
The suit was filed by Neconde Energy Limited, White Dove Shipping Company Limited and others against FirstBank, Access Bank, Zenith Bank and additional defendants.
Contempt Proceedings Underway
The issuance of Form 48 marks the preliminary stage in contempt proceedings. The notices—served between November 7 and 13—emphasize that any action contrary to the preservation order constitutes contempt of court.
The motion for interlocutory injunction has been scheduled for hearing on December 4, 2025.
The court cautioned that any violation of its directive before that date may trigger serious legal consequences, including potential committal proceedings against the banks’ chief executives.