Nigeria, Jan. 23 -- There was no relief on Friday for oil services firm Nestoil Limited, Neconde Energy Limited and their principal owners Ernest Azudialu-Obiejesi and his wife, as the Court of Appeal disqualified their lawyers in the ongoing multibillion-dollar debt recovery dispute involving a consortium of banks.

In a ruling, the Court of Appeal barred Wole Olanipekun (SAN), and Muiz Banire (SAN), alongside other lawyers appearing with them, from further representing Neconde Energy Limited and Nestoil Limited respectively.

The appellate court held that the Ernest Azudialu-Obiejesi-led board of directors lacked the legal authority to appoint counsel, having been divested of such powers following the appointment of a Receiver/Manager o...