Supreme Court Lifts Asset Freeze on Nestoil, Neconde

The Supreme Court of Nigeria ruled to set aside an order from the Court of Appeal that had frozen the assets of Nestoil and Neconde Energy. The apex court's judgment, delivered on a Monday, stated that the three-member panel of the Court of Appeal, led by Justice Stephen Jonah Adah, exceeded its powers in granting an ex parte application against the companies.

The Supreme Court accused the Court of Appeal of misusing judicial processes, particularly by issuing an injunction against Nestoil and Neconde when the matter was not properly before it. The dispute originated from debt recovery proceedings initiated by lenders, including FBNQuest Merchant Bank and First Trustees, against the companies.

In October 2025, the Federal High Court in Lagos had granted an ex parte Mareva injunction to freeze the companies' assets, which Nestoil challenged, arguing that the order had automatically lapsed after 14 days. Justice Daniel Osiagor ruled that the ex parte order had expired, and the Court of Appeal's decision to restore the injunction was set aside, allowing Nestoil to continue operations.