Armed officers of the Nigeria Police Force on Tuesday sealed the Lagos headquarters of Nestoil Limited following a Federal High Court order granting First Bank of Nigeria and its subsidiary, FBNQuest Merchant Bank, authority to take control of the company’s assets over an alleged multibillion-dollar debt default.
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The action followed a directive by Justice D. I. Dipeolu of the Federal High Court, Lagos Division, who on 22 October 2025 issued a Mareva injunction against Nestoil, its affiliate Neconde Energy Limited, and their principal promoters, Ernest Azudialu-Obiejesi and Nnenna Obiejesi. The order, certified by the court’s Deputy Chief Registrar, Longs G. Longwa, instructed the Deputy Inspector General of Police (Operations) to assist court bailiffs and the appointed receiver-manager in enforcing the ruling.
According to court documents, the move stems from a claim by FBNQuest Merchant Bank Limited and First Trustees Limited, which alleged that the companies and their directors owed over $1.01 billion and ₦430 billion across various credit facilities as of 30 September 2025.
In addition to authorising the takeover of Nestoil’s Victoria Island headquarters, Justice Dipeolu’s order froze bank accounts and shares held by the companies and their affiliates in more than 20 financial institutions, including Citibank Nigeria, Fidelity Bank, Guaranty Trust Bank, Stanbic IBTC, Standard Chartered Nigeria, Polaris Bank, Wema Bank, and several other corporate entities.
The court also empowered Abubakar Sulu-Gambari (SAN), the receiver/manager appointed by the plaintiffs, to assume control of Nestoil’s and Neconde Energy’s assets, including interests in Oil Mining Lease (OML) 42, jointly operated with the Nigerian National Petroleum Company Limited (NNPCL). Relevant regulatory bodies, including the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and NNPCL, were instructed to cooperate with the receiver in managing the oil block and its revenue flows.
Security agencies, including the Nigerian Navy and the State Security Service (SSS), were also directed to support the takeover and ensure the protection of assets under the receiver’s control.
The Federal High Court has adjourned the case to 7 November 2025 for the hearing of the substantive motion on notice.
As of press time, neither Nestoil nor its principal promoter, Mr Azudialu-Obiejesi, had issued a public statement regarding the court order or the sealing of the company’s premises.
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