Armed police officers have sealed off the corporate headquarters of Nestoil Limited in Victoria Island, Lagos, following a receivership order granted by the Federal High Court over the company’s alleged $1 billion debt to a consortium of lenders.
Justice D. I. Dipeolu, presiding over the matter, issued a Mareva injunction on October 22, 2025, authorising First Trustees and its subsidiary, FBNQuest Merchant Bank, to take over Nestoil’s assets pending the determination of a substantive case.
The court order affected Nestoil Limited, its affiliate Neconde Energy Limited, and their principal promoters, Ernest Azudialu-Obiejesi and Nnenna Obiejesi.
According to the court documents, all bank accounts and financial assets linked to the defendants have been frozen. The injunction restrains dealings in the total indebtedness of $1,012,608,386.91 and ₦430,014,064,380.77 as of September 30, 2025.
The order also listed several financial institutions and corporate entities as “affected parties,” 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 Plc.
Others include 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 Co. Ltd.
In addition, Justice Dipeolu ordered that no transactions or fund transfers be carried out from accounts belonging to the defendants in any of the listed institutions until further notice.
Court filings revealed that Azudialu-Obiejesi personally guaranteed additional debts exceeding ₦366.8 billion, $61.2 million, $152 million, and ₦10.4 billion, owed to Access Bank, First Bank, and Zenith Bank, respectively.
Security operatives were seen stationed at Nestoil’s office complex in Victoria Island on Tuesday morning, preventing staff and visitors from gaining entry.
The case is expected to come up for substantive hearing next month as the banks and receivers begin enforcement actions on the company’s assets and subsidiaries.
