Supreme Court Restores Olanipekun and Banire in $2bn Nestoil Receivership Dispute

The Supreme Court set aside a Court of Appeal ruling that barred Chief Wole Olanipekun (SAN) and Dr. Muiz Banire (SAN) from representing Neconde Energy and Nestoil in their $2bn dispute. In a unanimous judgment delivered by Justice Mohammed Baba Idris, the court held that a receiver whose own appointment is under challenge cannot also appoint legal counsel. It affirmed that companies retain the right to choose independent lawyers when contesting a receivership. This ruling reinforces key corporate governance principles. It ensures that boards and shareholders keep the power to defend their companies. The decision will shape future creditor enforcement and insolvency proceedings.

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