Court Vacates Asset-Freezing Order Against Nestoil in $1 Billion Debt Claim Case

Nestoil Limited and its affiliates secured a legal victory as the Federal High Court in Lagos vacated a mareva injunction freezing the company's assets over a $1 billion debt claim. Justice Daniel Osiagor transferred the case to another judge, Justice Dehind Dipeolu, who granted a far-reaching mareva injunction restraining Nestoil and its affiliates.

The order empowered First Trustees Limited and FBNQuest Merchant Bank Limited to act as consortium creditor banks to possess Nestoil's assets in receivership. The asset freeze was lifted following the court ruling.