Nestoil Oil has paid lenders a further $40 million. That brings its repayments under an arrangement brokered by the Economic and Financial Crimes Commission (EFCC) to $100 million.
According to the lenders, the latest payment was made on October 19, 2026, following an earlier $60 million payment reported in August.
The lenders say the recovery is not complete. A significant portion of the outstanding debt remains to be settled under the agreed terms.
The case stems from efforts by FBNQuest Merchant Bank and First Trustees to recover debts totalling over $1 billion and N430 billion allegedly owed by Neconde,
Nestoil and their promoters. First Bank, UBA and Access Bank were among the institutions named as affected by the bad loans. Reports also say Mr Azudialu-Obiejesi personally guaranteed further debts owed to several banks.
He disputes both the basis and the scale of the claim.
The legal fight has been long. A Lagos High Court judge granted an ex parte order on October 22, 2025, freezing the assets of Nestoil, Neconde Energy and the couple who control them.
The promoters later asked the Supreme Court to reverse the appellate court’s order against their assets.
In June 2026, the apex court set aside the order freezing the assets.
Nestoil has said it is still operating. In late August, Mr Azudialu-Obiejesi said the group had lifted production from OML 42 using its own drilling rig, twelve days after paying $60 million to lenders.
The group also said it had invested about $28 million in two drilling rigs. It says it directly employs more than 3,000 Nigerians.
Administrator and Writer
