The Supreme Court has set aside an Appeal Court order freezing the assets of Neconde Energy Limited, Nestoil Limited and two others in a $1.1 billion debt case with FBNQuest Merchant Bank and First Trustees.
A five-member panel led by Justice Stephen Adah ruled Monday that the Court of Appeal overstepped its powers by granting an ex parte injunction against the companies.
In the lead judgment, Justice Adah said the appellate court lacked jurisdiction and misused judicial process when it issued the injunction and stayed proceedings at the Federal High Court, Lagos.
The dispute began in Oct 2025 when the Federal High Court froze the firms’ assets, bank accounts and shares. Justice Daniel Osiagor later ruled in Nov 2025 that the ex parte order had expired after 14 days.
But Justice Yargata Nimpar of the Court of Appeal restored control to the banks’ receiver manager on Nov 29. The Supreme Court has now reversed that decision, allowing Neconde and Nestoil to regain control while the case continues at the trial court.
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com