Post by AOJ LAW LOUNGE (@aojlawlounge)

"The Supreme Court on Monday 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 in a judgement led by justice Stephen Adah, held that the three-member panel of the appellate court went beyond their powers in granting an ex parte application against the appellants.

Justice Adah in the lead judgment berated the appellate court for assuming jurisdiction and issuing an injunction against Neconde and Nestoil, when the matter was not properly before the court.

Besides, the Supreme Court accused the appellate court of misuse of the judicial process, particularly when the Court of Appeal, issued a stay of proceedings at the Federal High Court, Lagos."

Supreme Court sets aside order freezing Nestoil, Neconde's assets https://share.google/Q97kReKRjYYP18BPQ

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