By Kunle Sanni –
Security operatives on Tuesday sealed off the corporate headquarters of Nestoil Limited on Victoria Island, Lagos, following a court order placing the company under receivership after it defaulted on a debt estimated at over $1 billion.
The action followed a ruling by the Federal High Court in Lagos, presided over by Justice D. I. Dipeolu, who on October 22, 2025, issued a Mareva injunction authorising First Trustees and its subsidiary, FBNQuest Merchant Bank, to assume control of Nestoil’s assets.
The injunction was granted against Nestoil Limited, its affiliate Neconde Energy Limited, and the company’s principal promoters, Ernest Azudialu-Obiejesi and Nnenna Obiejesi.
Several major financial institutions were listed as affected parties in the suit, including Citibank Limited, Central Securities and Clearing Systems Plc, Fidelity Bank Plc, Guaranty Trust Bank Plc, Globus Bank Limited, Keystone Bank Limited, Opay Limited, Polaris Bank Limited, Providus Bank Limited, and Stanbic IBTC Bank Limited.
Others named in the order are Standard Chartered Bank Nigeria, Sterling Bank Plc, Titan Trust Bank Limited, Unity Bank Plc, Wema Bank Plc, Gobowen Exploration and Production Limited, Hammakopp Consortium Limited, Krawcod Properties Limited, Santa Spring Oil and Gas Limited, Marine & Ocean Infinity Nigeria Limited, and White Dove Shipping Company Limited.
Justice Dipeolu directed all the listed banks to freeze the assets of the defendants pending the hearing of the substantive case scheduled for next month.
The court further restrained any dealings in funds totalling $1,012,608,386.91 and ₦430,014,064,380.77 — amounts said to represent Nestoil’s total indebtedness as of September 30, 2025.
Additionally, debts personally guaranteed by Azudialu-Obiejesi were disclosed to include over ₦366.8 billion, $61.2 million, $152 million, and ₦10.4 billion owed to Access Bank, First Bank, and Zenith Bank, respectively.
Related