A Federal High Court has vacated the asset-freezing order previously imposed on Nestoil Limited and its directors, following a Mareva injunction that had drastically restricted their operations. The court’s decision marks a significant turnaround in a high-stake legal battle triggered by claims of over US$1 billion and ₦430 billion in alleged indebtedness.
The ex parte orders, initially granted on 22 October 2025, froze the company’s bank accounts and shares across more than twenty financial institutions, and authorized a receiver/manager to take charge of Nestoil’s assets, including its interest in Oil Mining Lease OML 42, managed through its subsidiary, Neconde Energy.
In setting aside these orders, the court emphasized that they had expired under procedural rules, specifically referencing a motion to discharge filed on 30 October, which remained unheard after 14 days, the statutory limit under the Federal High Court Procedure Rules. Legal experts noted that ex parte Mareva injunctions, by design, are temporary reliefs, and extending them indefinitely undermines the constitutional right to a fair hearing.
