Nestoil Group, a leading Nigerian engineering, procurement, construction, and commissioning EPCC company owned by Ernest Azudialu-Obiejesi, has won a significant legal reprieve. The Federal High Court in Lagos on Thursday lifted an asset-freeze order that had affected Nestoil, its affiliates, and key company directors in a 1 billion debt dispute.
Court lifts injunction on Nestoil funds
The decision, handed down by Justice Daniel Osiagor, came after the Chief Judge of the Federal High Court reassigned the case from Justice Dehinde Dipeolu. Justice Osiagors ruling effectively reverses the previous injunction, removing restrictions that had prevented the company from accessing funds, shares and assets. It also nullifies the receivership powers earlier granted to a consortium of creditor banks.