Nigerian police on Tuesday sealed the corporate headquarters of Nestoil Limited in Victoria Island, Lagos, with multiple padlocks and cordoned off the area following a Federal High Court order authorising the seizure of the company’s assets by a consortium of lenders over its failure to repay a $1 billion debt.
There was heavy security presence at the premises as the enforcement order was carried out, with several pedestrians watching in disbelief.
The police restricted access to the building, according to our editor, Michael Creg Afful, who is in Lagos for the Nigeria Energy 2025 conference.
The enforcement followed a directive issued by Justice D. I. Dipeolu of the Federal High Court, Lagos Division, on 22 October 2025, granting a Mareva injunction against Nestoil Limited and its affiliate, Neconde Energy Limited, as well as their principal promoters, Ernest Azudialu-Obiejesi and Nnenna Obiejesi.
The court action stemmed from a debt claim filed by FBNQuest Merchant Bank Limited and First Trustees Limited against Nestoil, Neconde Energy, and their directors.
The plaintiffs alleged that the companies and their promoters owed more than $1.01 billion and ₦430 billion as of 30 September 2025, in respect of various credit facilities.
Justice Dipeolu granted multiple orders freezing the defendants’ bank accounts and shares across more than 20 financial and other institutions in Nigeria, including Citibank Nigeria 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, Stanbic IBTC Bank Limited, Standard Chartered Bank Nigeria Limited, Sterling Bank PLC, Titan Trust Bank Limited, Unity Bank PLC, Wema Bank PLC, Gobowen Exploration and Production Limited, Hammako Consortium Limited, Krawcod Properties Limited, Santa Spring Oil and Gas Limited, Marine & Ocean Infinity Nigeria Limited, and White Dove Shipping Co. Ltd.
The court also authorised Abubakar Sulu-Gambari (SAN), the receiver/manager appointed by the plaintiffs, to take over Nestoil’s headquarters located at 41/42 Akin Adesola Street, Victoria Island, Lagos, and other identified assets.
In addition to freezing Nestoil’s assets and those of its subsidiaries, the court directed multiple security agencies, including the Nigeria Police Force, the Nigerian Navy, and the State Security Service (SSS), to provide protection and assist in enforcing the takeover.
The order further empowered the receiver/manager to assume control of Neconde Energy’s interests in Oil Mining Lease (OML) 42, jointly operated with the Nigerian National Petroleum Company Limited (NNPCL) and its subsidiaries.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and NNPCL were also instructed to grant the receiver access to the oil block and cooperate in managing production and revenue flows.
The Federal High Court adjourned the case to 7 November 2025 for the hearing of the substantive motion on notice.
This development marks a significant setback for Nestoil, one of Nigeria’s leading indigenous oil and gas engineering firms, known for major pipeline and infrastructure projects.
The company is yet to comment on the development.
Discover more from Energy News Africa
Subscribe to get the latest posts sent to your email.