Armed police officers on Tuesday, October 28, 2025, sealed the Lagos headquarters of Nestoil Limited following an order of the Federal High Court authorising First Trustees Limited and its subsidiary, FBNQuest Merchant Bank, to take possession of the company’s assets over alleged defaults on debts exceeding $1.01 billion and ₦430 billion.
Justice D. I. Dipeolu of the Federal High Court, Lagos Division, granted the Mareva injunction on Wednesday, October 22, 2025, in a suit filed by First Trustees and FBNQuest against Nestoil Limited, Neconde Energy Limited, and their promoters, Dr. Ernest Azudialu-Obiejesi and Mrs. Nnenna Obiejesi.
The certified order, signed by the court’s Deputy Chief Registrar, Longs G. Longwa, authorised the Deputy Inspector-General of Police to assist court bailiffs and the appointed receiver-manager in executing the takeover.
Court filings show that the plaintiffs alleged the defendants’ indebtedness stood at more than $1.01 billion and ₦430 billion as of Monday, September 30, 2025, arising from multiple credit facilities extended to the oil and gas group and its affiliates.
The court also ordered the freezing of the defendants’ bank accounts and shareholdings in over 20 financial institutions and companies, including Guaranty Trust Bank, Fidelity Bank, Stanbic IBTC, Wema Bank, Citibank, and Standard Chartered Bank.
Abubakar Sulu-Gambari (SAN) was appointed receiver/manager and empowered to take control of Nestoil’s headquarters at 41/42 Akin Adesola Street, Victoria Island, Lagos, along with other identified assets belonging to the group.
The court further directed security agencies, including the Nigeria Police Force, Nigerian Navy, and Department of State Services (DSS) to provide full assistance in enforcing the order.
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In addition, the ruling authorised the receiver to assume control of Neconde Energy Limited’s interest in Oil Mining Lease (OML) 42, which it jointly operates with the Nigerian National Petroleum Company Limited (NNPCL).
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) was directed to grant access and cooperation to the receiver.
The case has been adjourned to Friday, November 7, 2025, for further hearing.
As of press time, neither Nestoil Limited nor Dr. Azudialu-Obiejesi had issued any public statement regarding the court’s decision.