Police have sealed off the corporate headquarters of Nestoil Limited in Victoria Island, Lagos, following the company’s placement under receivership by a consortium of lenders due to a reported debt of $1 billion.
On October 22, 2025, A Mareva injunction was issued by Justice D. I. Dipeolu in suit FHC/L/CS/2127/2025 authorizing FBNQuest Merchant Bank Limited and First Trustees Limited to appoint a receiver-manager to take possession of Nestoil’s properties, freezing accounts and shares to prevent asset dissipation.
The plaintiffs claim that Nestoil, its affiliate Neconde Energy Limited, and the promoters Ernest Azudialu-Obiejesi and Nnenna Obiejesi.owe over $1.01 billion and ₦430 billion as of September 30, 2025, from various credit facilities extended for engineering, procurement, construction, and upstream oil operations.
The injunction affected bank accounts and shares in over 20 institutions, including major banks such as Citibank Nigeria, Fidelity Bank, Guaranty Trust Bank, Keystone Bank, Polaris Bank, Stanbic IBTC, and Standard Chartered, as well as companies like Opay and Providus Bank.
It also extends to related entities such as Gobowen Exploration and Production Limited and Hammako Consortium Limited. Abubakar Sulu-Gambari (SAN), the appointed receiver-manager, has been given authority to take control of Nestoil’s headquarters at 41/42 Akin Adesola Street, Victoria Island, along with other assets.
The aspect of this order targets Neconde Energy’s stake in Oil Mining Lease (OML) 42, a joint venture with the Nigerian National Petroleum Company Limited (NNPCL).
The court has directed the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and NNPCL to provide access to the oil block and ensure cooperation regarding production and revenue management.
The case has been adjourned to November 7, 2025, for a hearing on the substantive motion.
Administrator and Writer
