The Supreme Court, on Monday, set aside an order of the Court of Appeal that froze the assets of Neconde Energy Limited, Nestoil Limited and two other entities over an alleged $1.1 billion debt dispute involving FBNQuest Merchant Bank Limited and First Trustees Limited.
In a unanimous judgment delivered by a five-member panel led by Justice Stephen Adah, the apex court held that the Court of Appeal exceeded its jurisdiction by granting an ex parte application that effectively restrained the companies’ operations and assets.
Justice Adah faulted the Appellate Court for assuming jurisdiction over a matter that was not properly before it and for issuing injunctive orders against the companies. He further criticised the court for what he described as a misuse of judicial process, particularly after it granted a stay of proceedings in a case pending before the Federal High Court in Lagos.
The dispute arose from debt recovery proceedings initiated by lenders, including FBNQuest Merchant Bank and First Trustees, against Nestoil and Neconde Energy over financing arrangements linked to oil and gas assets and operations.
In October 2025, the Federal High Court in Lagos granted an ex parte Mareva injunction freezing the companies’ assets, bank accounts and shareholdings across more than 20 financial institutions. Related News Citizens are excited because we delivered hundreds of projects - Zulum Massive turnout as Gbenga Hashim emerges Accord Party presidential candidate Africa’s growth story enters new phase as investors demand proof over promises
