Police have sealed off the corporate headquarters of Nestoil Limited in Victoria Island, Lagos, after a consortium of lenders placed the oil and gas company under receivership over a reported $1 billion debt.
A Federal High Court sitting in Lagos, presided over by Justice D. I. Dipeolu, issued a Mareva injunction on October 22, 2025, authorising First Trustees and its subsidiary, FBNQuest Merchant Bank, to take over the company’s assets pending the determination of the substantive suit.
The order was granted against Nestoil Limited, its affiliate Neconde Energy Limited, and the company’s principal promoters, Dr. Ernest Azudialu-Obiejesi and Mrs. Nnenna Obiejesi.
The injunction also listed several financial institutions and firms 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 Limited.
Others 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 and restrained dealings in the sum of $1,012,608,386.91 and ₦430,014,064,380.77, representing the total indebtedness as of September 30, 2025.
Court filings also revealed additional debts personally guaranteed by Azudialu-Obiejesi, including over ₦366.8 billion, $61.2 million, $152 million, and ₦10.4 billion owed to Access Bank, First Bank, and Zenith Bank.
The substantive case is scheduled for hearing next month.
