By Vivian Okejeme
The Supreme Court has set aside a Court of Appeal order that froze the assets of major indigenous oil servicing firms, Neconde Energy Limited and Nestoil Limited, over an alleged $1.1 billion debt.
The multi-billion dollar debt dispute involves a consortium of banks led by FBNQuest Merchant Bank Limited and First Trustees Limited.
In a decisive judgment, a five-member panel of the apex court, led by Justice Stephen Adah, heavily criticized the lower court’s decision, describing the ex-parte freeze order as “unwarranted, uncalled for, frivolous, and vexatious.”
The legal battle intensified on November 29, 2025, when the Court of Appeal issued an interim restorative injunction. That directive temporarily handed control of Nestoil’s operations and assets back to a Receiver Manager appointed by the creditor banks.
Furthermore, the appellate court froze the assets of the oil companies, stayed further proceedings at the trial court, and halted operations pending the determination of the substantive suit.
Seeking immediate relief, Neconde, Nestoil, and their prominent promoters—Dr. Ernest Azudialu-Obiejesi (OFR) and Mrs. Nnenna Azudialu-Obiejesi—appealed the sweeping restrictions at the Supreme Court.
The apex court fully agreed with the legal arguments presented by Nestoil and Neconde, ruling that the Court of Appeal had overstepped its jurisdictional powers.
Justice Adah highlighted several fatal flaws in how the appellate court handled the matter.
The court ruled that official records revealed that the formal process of transmitting the appeal from the lower trial court had not even been completed when the Court of Appeal assumed jurisdiction.
The apex court re-emphasized a fundamental legal principle—the mere filing of a Notice of Appeal does not automatically serve as a stay of execution or proceedings.
The panel questioned the legal basis of the emergency order, noting that no exceptional circumstances or genuine urgency existed to warrant an ex-parte intervention without giving the oil firms a fair hearing.
“An appellate court can only be seized of a matter when the appeal has been fully entered,” Justice Adah stated, clarifying that the lower court ruled on substantive matters prematurely during a mere interlocutory appeal.
The Supreme Court used the judgment to issue a stern warning to the Nigerian judiciary regarding the rising tide of ex-parte injunctions, which are granted without putting the defending party on notice.
Justice Adah noted that the abuse of ex-parte orders has become a major concern within the legal system.
He warned that higher courts must remain vigilant, circumspect, and discreet, cautioning that the appellate court must never make itself available for legal maneuvers that ultimately undermine the integrity of the judiciary.
With this apex court ruling, full operational and financial control of the disputed assets has been restored to Neconde Energy, Nestoil, and their management.
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NIGERIA CUSTOMS HAS BEGINS ONLINE AUCTIONING OF SEIZED VEHICLES,OIL, RICES
LAPTOPS, GENERATOR'S, FRIDGE, TELEVISION, CONTAINERS, PHONE, MOTORCYCLE,KEKE TRICYCLE, BALE OF CLOTHES, NDUSTRIAL SEWING MACHINES CEMENT….Granting Nigerians the Privilege to Own any ITEMS at Affordable prices.
INSTALLMENTAL PAYMENT IS FULL ALLOWED WITH A MINIMUM PERIOD OF 3 MONTHS AND A MAXIMUM PERIOD OF 9 MONTHS!!! THIS PERIOD IS ONLY APPLICABLE FOR VEHICLES THANKS FOR YOUR PATRONAGE.
INTERESTED BUYERS SHOULD
CONTACT THE STATE AUCTIONEER.
CUSTOM OFFICER GABRIEL ESHIEMOMOH VIA :- O80✓6739✓9O9O
RICE AVAILABLE FOR SALES ARE :-
Royal umbrella=18,000
Mama Gold=20,000
Royal stallion=18,000
Rising sun=18,000
Special rice=18,000
Mama Africa=18,000
Elephant Gold=18,000
Caprice =20,000
Gallon of oil =9,500
NOTE: TRANSPORTATION CHARGES IS (#1000) which must be paid before we ensure your delivery.
~INDUSTRIAL SEWING MACHINES
BROTHER INDUSTRIAL #1OO,000
JUKI INDUSTRIAL #95000
EMEL INDUSTRIAL. #95000
SINGER INDUSTRIAL AND MORE
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SOME CAR LIST BELOW.
Golf 2 3 4 350k __ 500k
TOKUNBO CARS BELOW :�
2008 Corolla Sport 1m
2010 Corolla Sport 1.970m
2012 Corolla Sport 2.980m
Awoof 2009 Lexus RX350 1.5m
2013 Camry XLE – Back Vent AC – V4 – 1.580m
2001 Camry N280k
2003 Camry N520k
2005 Camry LE .680k
2015 Matrix 1.7m
2008 Toyota Camry 1.3m
2012 Camry Sport 2.850m
2014 Rav4 Sport N2.8m
2016 Honda pilot EX 2.4m
2012 Benz E320 N2.4m
1999 Sienna 150k
2006 Lexus RX300 1m
Pegeout 406 Manual AC 720k
2012 Honda CRV EX 2.850m
O15 Honda Accord 2million
2011 Corolla XLE – Alloy + Formica 2.850m
2015 Toyota LandCruiser 3m
2010 Corolla LE 1.8m
2016 RX350 4.1m with Mouse
2018 RX350 5.8m with mouse
202O Toyota Tacoma 6.8m
2013 Avalon Thumbstart 2.5m
2012 Avalon key 2.1m
2012 Pointiac Vibes 2.8m
2011 Benz E230 N2.4m
2017 Sienna CE 2.980m
2016 Sienna XLE 2.550m
2016 Corolla Sport 3.5m
2010 Camry LE 2.350m
2011 Camry LE 2.4m
2018 Lexus GX460 5.4m
2015 Lexus ES350 .4m
2010 Corolla Manual N1.580m
2018 Acura MDX 4.6m
018 Benz C300 3m
017 Benz GL450 5.3m
2018 Benz GL550 5.8m
OI8 Benz GLS 3.8M
2O2O Benz Gls 4.6mill
2006 Rav4 .850k
Awoof 08 Pilot N.750k
2008 Pilot 800k EX
2009 Highlander sport 2.8m
2018 Highlander Limited 3.2m
2012 Rav4 EX Rev Camera + Thumbstart@ 2m
08 Honda Accord N890k
2012 Camry XLE .2m V4
2013 Honda Accord 2.m
2015 Honda Accord N3m
2013 Matrix N1m80k
2012 Honda CRV 900k
2003 Honda Element 550k
2008 Camry 990k
2016 Honda Ridgeline 2.6m
2014 Camry LE 2.750m
2013 Ford Edge SEL 2.9m
2014 Ford Edge SEL .3m
Fresh like toks 2013 Benz E200 N3m
2012 Rav4 1.9m
2014 Kia Cerato 2.m
2015 Benz GLK350 3.5m
2015 Range Rover evogue 6.650m
OI8 Range Rover evogue 8mill
2O2O Range Rover evogue 10m
OI8 Range Rover sports 6.8M
2006 Quest 850k
2008 Kia Rio 800k
2012 Camry Xle 1.680m
O12 Venza .2million
2O22 GX460-N8M
2O14 Venza 3M
2O18 Corolla N6m
O2O LandCruiser 6m
2OI8 LandCruiser 3.9mill
2O2O Prado N5.2m
2OI8 Prado 4mill
2O20 Rav4 N6.2M
2O20 g-wagon N35M
2O21 Hilux 6.8M
OI8 HILUX 3.6m
2O18 Bus 5.850M
Tipper Head 8M
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