Abubakar Sulu-Gambari, the court-appointed receiver manager of Nestoil Limited, says the oil and gas company remains fully under receivership.
Receivership is a legal process in which a neutral receiver is appointed by a court to take control of a company’s assets—typically in cases of severe financial distress or loan default.
On October 22, the Federal High Court in Lagos granted an ex parte Mareva order authorising First Trustees and FBNQuest Merchant Bank to freeze and take possession of Nestoil’s assets. The following day, police sealed the company’s Victoria Island headquarters after a consortium of lenders moved to enforce receivership over an alleged $1 billion debt.
However, in a new development, Sulu-Gambari announced in a statement on Thursday that the court has set aside the October 22 ex parte orders.
He clarified that the lifting of the Mareva injunction does not nullify or alter the ongoing receivership over Nestoil and the assets of Neconde Energy Limited under Oil Mining Lease (OML) 42.
“The undersigned was appointed Receiver/Manager pursuant to the Deeds of Appointment dated August 19, 2025, filed at the Corporate Affairs Commission (CAC), with notices published in Punch and Guardian newspapers on October 29, 2025,” the statement read.
“Consequently, the undersigned remains Receiver/Manager as stated above.”
He added that legal steps are being taken to challenge aspects of the court’s new ruling, reaffirming that all of Nestoil’s undertakings, stocks, goodwill, plant and machinery, and movable and immovable assets remain under receivership.
The receiver warned that any dealings with persons claiming to represent Nestoil or Neconde Energy — including in relation to contracts, projects, or commitments across oil, gas, power, and infrastructure operations — without his express approval are unlawful and will attract legal consequences.