Court Lifts Asset-Freeze Order Against Nestoil in $1 Billion Debt Dispute

The Federal High Court in Lagos overturned a sweeping asset freeze order against Nestoil and its affiliate, Neconde Energy Limited, in a $1 billion debt dispute. The order, initially granted on October 22 by Justice Dehin Depeolu, had restricted Nestoil's access to funds and assets held in 20 financial institutions.

The court's decision to lift the freeze and reverse the receivership powers granted to the consortium of creditor banks was made by Justice Daniel Osiagor. This ruling allows Nestoil to regain control of its assets and financial operations.