The last may not have been heard of the legal battle between Nestoil Limited and FBNQuest Merchant Bank Limited as the headquarters of the energy firm has again been repossessed by the lender.
FBN Quest Merchant Bank Limited and First Trustees Limited earlier appointed a receiver-manager, Abubakar Sulu-Gambari, to enforce the takeover of Nestoil’s assets over an alleged multi-billion-dollar loan default.
It was alleged that Nestoil, Neconde and their promoters owe more than $1.01 billion and N430 billion as of September 30, 2025, under various credit facilities.
However, a Federal High Court in Lagos directed the financial institution to allow Nestoil access to its assets.
This order seems to have been reversed as a Court of Appeal has given the creditors the authority to reclaim the property.
On Monday, securities operatives were seen at the multi-storey building of Nestoil in Lagos. It was sealed and marked as repossessed, according to Premium Times.
The appellate court set aside all steps taken by the respondents and/or persons purporting to act on the instructions of the respondents and which actions were taken pursuant to the order” of the lower court, with the new order is to subsist pending the hearing and determination of the appellants’ motion on notice filed on November 26, 2025.
The Court of Appeal further granted “an order of interim injunction restraining the respondents, their agents, servants, affiliates and privies from interfering with or interrupting the receiver/manager in the performance of his duties pending the hearing and determination of the motion on notice filed on November 26, 2025.”
FBN Quest Merchant Bank and First Trustees Limited are the appellants, while Nestoil Limited, its affiliate Neconde Energy Limited, and their principal promoters, Ernest Azudialu-Obiejesi and Nnenna Obiejesi, are listed as respondents.