Supreme Court Overturns Asset Freeze on Nestoil, Neconde

On October 22, 2025, the Federal High Court in Lagos had granted an ex parte order freezing the assets of Nestoil Limited and Neconde Energy Limited, following an application from a consortium of banks led by FBNQuest Merchant Bank, alleging a debt of $1.1 billion. However, the Supreme Court of Nigeria, in a judgment delivered by Justice Stephen Adah, ruled on November 29, 2025, that the Court of Appeal had exceeded its powers by issuing the ex parte order without sufficient justification.

The Supreme Court emphasized that the appeal process had not been fully completed when the lower court assumed jurisdiction, and there was no urgency or exceptional circumstances to warrant the ex parte order. The apex court set aside the order and directed that the matter proceed to trial in the lower court, highlighting concerns over the misuse of ex parte applications in judicial processes.