The Nestoil Group has reacted to the sealing of its headquarters in Lagos following a court order over an alleged $1 billion debt, assuring stakeholders that the company remains financially stable and fully operational across all its business lines.
In a statement issued by its Corporate Communications Department on Tuesday, the indigenous oil and gas conglomerate said it is aware of the recent enforcement actions and ongoing legal proceedings but emphasized that the matter is being addressed “through appropriate legal and regulatory channels.”
“The situation relates to a commercial matter currently before the courts, which is being addressed through appropriate legal and regulatory channels,” the statement read.
The response follows an order issued by Justice D.I. Dipeolu of the Federal High Court, Lagos, on October 22, 2025, granting a Mareva injunction authorising First Trustees and its subsidiary, FBNQuest Merchant Bank, to take over the company’s assets.
The order was directed against Nestoil Limited, its affiliate Neconde Energy Limited, and the company’s promoters, Ernest Azudialu-Obiejesi and Nnenna Obiejesi.
Also listed as affected parties were several banks and companies, including Citibank Nigeria, Fidelity Bank, GTBank, Keystone Bank, Stanbic IBTC, Opay, and Polaris Bank, among others, all directed to freeze the assets of the defendants pending the hearing of the substantive case next month.
Despite the development, Nestoil stated that its operations remain unaffected, noting that it has implemented proactive measures to ensure business continuity.
“Nestoil remains fully operational across all business lines. Our subsidiaries, projects, and commitments in the oil, gas, power, and infrastructure sectors continue without disruption,” the company said.
The Group reaffirmed its commitment to resolving the issue transparently and responsibly, adding that it is engaging constructively with all relevant authorities and financial partners to reach a fair resolution.
“For over three decades, Nestoil has built a reputation as one of Nigeria’s foremost indigenous EPC and energy companies,” the statement added. “We remain guided by our core values of resilience, integrity, and transparency, and will continue to conduct our business with professionalism and respect for the rule of law.”
Nestoil further assured stakeholders that it remains financially strong, operationally stable, and strategically focused, urging the public and media to rely only on official communications from the company as the situation unfolds.
