• Says Appeal Court ‘exparte order was unwarranted, uncalled for, frivolous and vexatious’
Alex Enumah in Abuja
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 a consortium of banks led by FBNQuest Merchant Bank Limited and First Trustees Limited.
A five-member panel of the apex court in a judgement yesterday, held that the three-member panel of the appellate court went beyond their powers in granting an exparte application against the appellants.
Recall that the Court of Appeal had on November 29, 2025, granted an interim restorative injunction returning the control of Nestoil’s assets and operations to the Receiver Manager appointed by the banks.
