Alleged $1bn NestOil Debt Claim: First Bank, Access Bank, Zenith Bank MDs Risk Imprisonment Over Disobedience Of Court Order

The Federal High Court in Abuja has issued stern warnings to three major financial institutions, First Bank of Nigeria Limited, Access Bank Plc, and Zenith Bank Plc, placing their Managing Directors on notice that they could face imprisonment for allegedly disobeying a subsisting court order.

The warnings were contained in a series of Form 48 Notices of Consequences of Disobedience to Court Order, issued in relation to an interim directive made on November 6, 2025, in Suit No. FHC/ABJ/CS/2369/2025.

The suit concerns a high-stakes dispute involving onshore oil asset and the FSO Ugo Ocha, linked to interests in the OML 42 Joint Venture, in which the Federal Government owns a 55% share.

Form 48 notices dated November 13, 2025, were served on the Managing Director of First Bank at both the bank’s Marina Head Office in Lagos and its Abuja main branch on Muhammadu Buhari Way.

In the notices, the court reminded the banks that it had issued a clear directive requiring all parties to maintain the status quo, warning that any deviation could amount to contempt of court.

The warning stated “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.”

A copy of the original order was attached to reinforce the seriousness of the directive.

The order reads “The ex-parte application for Interim Injunction is hereby refused.

“The Court hereby directs all parties to maintain the status quo as at today, the 6th day of November 2025.

“Parties are ordered not to deal with the subject matter of the litigation pending the hearing and determination of the Motion on Notice for Interlocutory Injunction.

“The Motion on Notice shall be served on the Defendants/Respondents before the next adjourned date.”

The suit was instituted by Neconde Energy Limited, White Dove Shipping Company Limited, and others against First Bank, Access Bank, and five other defendants.

The issuance of Form 48 marks the first stage of contempt proceedings.

The notices, served between November 7 and 13, 2025, warned that any actions taken contrary to the court’s instruction to preserve the status quo would constitute contempt.

The court has fixed the hearing of the motion for interlocutory injunction for December 4, 2025, and has cautioned that any breach of its directive before that date will attract serious legal consequences.