The Supreme Court has set aside an order of the Court of Appeal freezing the assets of Neconde Energy Limited, Nestoil Limited and two others over an alleged $1.1 billion indebtedness to FBNQuest Merchant Bank Limited and First Trustees Limited.
A five-member panel of the apex court delivered the judgement on Monday, ruling that the lower court erred in granting the freezing order.
The decision is a major relief for the companies, which had argued that the order was obtained irregularly and caused reputational and operational damage.
The case underscores the complexities of commercial disputes in Nigeria’s oil and gas sector. Legal experts say the ruling reaffirms the importance of due process in asset freezing cases.
The affected companies have welcomed the judgement, calling it a victory for fairness and the rule of law.
