FirstBank and its lending allies are now at the risk of escalating financial penalties because of the collapse of their attempt to reassign the ongoing Nestoil and Neconde matter.

The compounded legal and financial risks from the matter could rise to a whopping $1.8 billion damages claim against the consortium of lenders.

The setback comes on the heels of a Supreme Court judgment that dealt a significant blow to the lenders’ litigation strategy.

In its decision in Neconde Energy Ltd. v. FBNQuest Merchant Bank Ltd & Ors., the apex court rejected efforts that sought to halt proceedings and questioned the motives behind attempts to delay a case originally initiated by the lenders themselves.

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Relying on that judgment, the Honourable Chief Judge reportedly dismissed the application for reassignment, finding no basis to remove the trial judge. The decision has effectively shut the door on what critics described as an attempt to derail the proceedings.

With that strategy defeated, attention is now shifting to the potentially enormous consequences facing the banks.

Nestoil and Neconde are commencing the process of pursuing approximately $1.8 billion in damages against FBNQuest Merchant Bank, First Trustees, FirstBank, UBA, Access Bank, Zenith Bank, the Receiver-Manager and other parties over alleged disruption of oil production operations.

The companies are expected to contend that actions taken by the lenders and their Receiver severely impaired production activities, causing output to fall from about 60,000 barrels per day to below 40,000 barrels per day, while also disrupting critical drilling and field development programmes.

Industry observers note that if successfully pursued, the claim could rank among the most significant damages actions arising from a commercial banking dispute in Nigeria’s oil and gas sector.

Adding to the mounting legal pressure, Drawcok Estate Limited has already filed a N100 billion damages suit against FBNQuest Merchant Bank, First Trustees, the Receiver-Manager and others over the alleged wrongful takeover and occupation of its Victoria Island properties.

The growing wave of litigation marks a dramatic reversal in fortunes for the lenders. What began as an aggressive debt recovery exercise is increasingly exposing the banks themselves to substantial legal liability, with claims now running into billions of dollars and tens of billions of naira.

As the Supreme Court’s criticism continues to reverberate through the proceedings, the failed reassignment bid may ultimately be remembered as the moment the dispute shifted from an enforcement action against Nestoil to a potentially costly reckoning for the banks behind it.

A member of the Ogun State House of Assembly representing Ijebu North I Constituency, Rasheed Kashamu, has declared that President Bola Ahmed Tinubu deserves another four years in office, insisting that the administration’s economic reforms are beginning to produce tangible results and should not be abandoned midway.

Kashamu, son of the late Senator Buruji Kashamu and a chieftain of the All Progressives Congress (APC), threw his weight behind Tinubu’s expected 2027 re-election bid in a statement issued on Sunday.

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According to the lawmaker, President Tinubu took office at one of the most difficult periods in Nigeria’s history, inheriting deep-rooted economic and structural challenges that had built up over the years.

He said rather than postponing difficult decisions, the President opted for bold reforms aimed at repositioning the country’s economy for long-term growth.

“The journey of rebuilding any nation is never an overnight exercise. President Bola Ahmed Tinubu inherited enormous economic and structural challenges that accumulated over several years, yet he chose the difficult path of reforms rather than the easy path of postponing problems.

“Today, the indicators are gradually showing that those courageous decisions are beginning to produce positive outcomes. What the country requires now is continuity, consistency and sustained leadership to fully harvest the gains of these reforms,” Kashamu said.

He maintained that policies such as the unification of the foreign exchange market, fiscal discipline, revenue expansion and efforts to attract local and foreign investments have strengthened Nigeria’s economic outlook and boosted investor confidence.

Kashamu also applauded the Federal Government’s aggressive infrastructure drive, pointing to flagship projects including the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Super Highway and the Abuja-Kaduna-Zaria-Kano Road.

He added that ongoing investments in rail transportation and inland dry ports would improve connectivity, reduce transportation costs and stimulate economic activities across the country.

The lawmaker further praised the Tinubu administration’s interventions in agriculture, saying increased support for mechanised farming, dry-season cultivation, improved seedlings and fertiliser distribution would enhance food production, reduce dependence on imports and create jobs for thousands of Nigerians.

On education, he described the Nigerian Education Loan Fund (NELFUND) as a game-changing initiative that has expanded access to tertiary education for students who previously struggled to finance their studies.

Kashamu also commended the administration’s focus on youth empowerment through entrepreneurship, innovation, digital skills and vocational training.

“Our youths represent the greatest asset of this nation. President Tinubu understands this reality and continues to create opportunities that empower them through education, entrepreneurship, innovation and access to finance,” he said.

He equally hailed reforms in the health sector, including efforts to strengthen primary healthcare, improve access to essential medicines, upgrade medical facilities and expand health insurance coverage.

While acknowledging that insecurity remains a major concern, Kashamu said the Federal Government has intensified efforts to tackle terrorism, banditry, kidnapping and other violent crimes through enhanced intelligence gathering, improved collaboration among security agencies and increased investment in military hardware.

He stressed that continuity in leadership would enable the current administration to consolidate its reforms and deliver greater economic and developmental benefits to Nigerians.

The Benue State Police Command has arrested 10 suspects in connection with the killing of the Chairman of the Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN) in the state, Alhaji Ardo Mohammed.

The arrests were made during a coordinated operation by tactical police teams in Otukpo Local Government Area following intelligence-driven investigations into the fatal attack.

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In a statement issued on Sunday, the Police Public Relations Officer, DSP Udeme Edet, said the suspects were apprehended on the night of June 27 after security operatives intensified efforts to track those behind the killing.

According to Edet, “The suspects were arrested on the night of June 27, 2026, during a coordinated operation by tactical teams in the Otukpo area of the state.”

The police identified the suspects as Titus Thyodenda, 25; Utibe Sam, 20; Owoicho Ameh, 18; Sunday Useni, 21; Sunday Ogbanje, 46; Daniel Raphael, 23; Adokole John, 24; Samuel Ogazi, 32; Agbo Daniel, 25; and Onazi James, 30.

Mohammed was murdered alongside his associate, Yakubu Isah, on Friday while returning from a peace meeting held in Ohinmini Local Government Area.

The victims had reportedly attended the meeting, which was convened by the Divisional Police Officer of Ohinmini and attended by community leaders and Fulani herders in a bid to promote peace in the area.

However, while travelling home, gunmen ambushed their vehicle at Okudu village in neighbouring Otukpo Local Government Area and shot both men dead, sparking concerns over renewed insecurity and communal tensions in parts of Benue State.

Reacting to the arrests, the Commissioner of Police in Benue State, Cletus Nwadiogbu, commended the tactical teams and investigators for their swift response and professionalism.

He assured residents that investigations were ongoing and pledged that security agencies would pursue every individual connected to the crime.

The commissioner also urged members of the public to remain calm and continue supporting law enforcement agencies by providing credible information that could assist in the investigation.

He reaffirmed the command’s commitment to protecting lives and property while sustaining peace and security across Benue State.