Nestoil and Neconde have regained control of their headquarters following a Supreme Court judgment overturning asset-freezing orders.
Nestoil Limited and Neconde Energy Limited have regained possession of their corporate headquarters following compliance by the Inspector General of Police (IGP) with a recent Supreme Court judgment that restored control of the companies’ assets and operations.
The development marks a significant milestone in a long-running legal dispute that had drawn widespread attention across Nigeria’s oil and gas sector.
Sources confirmed that the companies peacefully reoccupied their headquarters on Thursday, paving the way for the immediate resumption of normal operations.
The Supreme Court had earlier delivered a unanimous judgment in favour of Nestoil and Neconde, setting aside orders issued by the Court of Appeal that froze the assets of the companies and related entities.
In its ruling, the apex court held that the Court of Appeal exceeded its jurisdiction by granting sweeping ex parte orders and injunctions in a matter that was not properly before it.
The Supreme Court also faulted the appellate court for what it described as a misuse of judicial process, including the issuance of a stay of proceedings at the Federal High Court.
By overturning the appellate court’s orders, the Supreme Court effectively restored control of the companies’ assets, operations and properties to Nestoil, Neconde and their board-appointed representatives.
The judgment, however, does not determine the substantive dispute, which remains before the Federal High Court.
