Supreme Court Voids Order Freezing Assets Of Nestoil/Neconde Oil

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 FBNQuest Merchant Bank Limited and First Trustees Limited.

In a judgment delivered by a five-man panel, the apex court held that the three-member panel of the appellate court went beyond its powers in…