The Supreme Court has overturned a Court of Appeal order that froze the assets of Nestoil Limited and Neconde Energy Limited over an alleged $1.1 billion debt dispute involving FBNQuest Merchant Bank and First Trustees Limited.
The apex court ruled that the Court of Appeal exceeded its jurisdiction by granting an ex parte application and restoring a receivership over the companies’ assets. The judgment clears the way for Nestoil and Neconde to regain full control of their operations, while the substantive case continues at the Federal High Court.
