A Federal High Court in Lagos on Thursday vacated a Mareva injunction that had frozen billions of dollars in assets belonging to Nestoil Limited, its affiliate Neconde Energy Limited, and the company’s promoters, Dr Ernest Azudialu-Obiejesi and Nnenna Obiejesi, effectively handing the companies a significant victory in a $1 billion debt recovery suit.
Justice Daniel Osiagor, to whose court the case was recently transferred from Justice Dehinde Dipeolu, held that the far-reaching ex parte freezing order granted on 22 October 2025 had lapsed by operation of law.
Delivering the ruling after hearing arguments from a array of Senior Advocates of Nigeria, the judge declared that under the Federal High Court Rules, an ex parte Mareva injunction automatically expires 14 days after the defendants file a motion to discharge or vary it.
Nestoil and the other defendants had filed such a motion on 30 October 2025, meaning the order ceased to exist on 14 November 2025.
“The decision that transferred this matter is not appealable,” Justice Osiagor stressed, dismissing attempts by the creditor banks, represented by First Trustees Limited and FBNQuest Merchant Bank Limited to halt proceedings pending an appeal against Justice Dipeolu’s earlier recusal.
Senior Advocates Dr Muiz Banire, Chief Wole Olanipekun, Kehinde Ogunwumiju, and Chinonye Obiagwu (all appearing for the defendants) had argued that:A mere notice of appeal does not operate as a stay of proceedings;
Upon transfer, the case commences de novo and prior interlocutory orders cannot bind the new court;
Indiscriminate Mareva injunctions that risk “suffocating” businesses have been repeatedly condemned by the Supreme Court;
Prolonging an ex parte order beyond the statutory 14-day window offends the constitutional right to fair hearing.
The court agreed, describing further arguments premised on the existence of the freezing order as “academic” and “mute”.
The October Mareva order had restrained the defendants from dealing with funds, shares, and other assets in more than 20 banks and empowered the creditor consortium’s receivers to take possession of Nestoil’s assets.
Thursday’s ruling immediately restores full control of those assets to Nestoil and its affiliates.
The substantive $1 billion debt recovery suit continues.
The court adjourned to 25 November 2025 for hearing motions for joinder and to 12 December 2025 for other pending applications.
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