FirstBank Reassignment Bid Crashes as Nestoil, Neconde Move for $1.8 Billion Damages Claim

The attempt by FirstBank and its affiliates to secure the reassignment of the ongoing Nestoil/Neconde litigation has suffered a major setback, with the application reportedly rejected by the Honourable Chief Judge, leaving the lenders exposed to a looming $1.8 billion damages claim.
The reassignment request, which sought to remove the trial judge handling the dispute between FBNQuest Merchant Bank, First Trustees and the Nestoil Group, collapsed under the weight of the Supreme Court’s judgment in Neconde Energy Ltd. v. FBNQuest Merchant Bank Ltd & Ors.
 
In rejecting the application, the Chief Judge reportedly found no legal basis for the reassignment, noting that the Supreme Court ...