Nigeria, June 2 -- The Supreme Court of Nigeria has set aside an order issued by the Court of Appeal, freezing the assets of Neconde Energy and Nestoil Limited as well as those of their principal promoters over an alleged multibillion-dollar debt default.

A five-member panel of the court on Monday in Abuja ruled that the appeal court exceeded the limits of its power when it issued an ex parte application against the oil firms.

Stephen Adah, the presiding judge, stated in the ruling that the appellate court assumed jurisdiction and granted an injunction against Neconde and Nestoil when the dispute was not properly before the court.

The Supreme Court also rebuked the lower court for misusing the judicial process in granting a stay of pro...