Prove it by contradiction. Suppose the equilibrium is stable; then the test charge displaced slightly in any direction will experience a restoring force towards the null-point.

That is, all field lines near the null point should be directed inwards towards the null-point. That is, there is a net inward flux of electric field through a closed surface around the null-point. But by Gaussâ€™s law, the flux of electric field through a surface, not enclosing any charge, must be zero. Hence, the equilibrium cannot be stable.