Dare Babalola
The Lagos headquarters of Nestoil Limited was on Tuesday sealed by armed police officers following a Federal High Court order authorising First Bank of Nigeria and FBNQuest Merchant Bank to take over the company’s assets.
The court order was granted due to an alleged multibillion-dollar debt default by Nestoil and its affiliate, Neconde Energy Limited.
The debt claim by FBNQuest Merchant Bank Limited and First Trustees Limited against Nestoil, Neconde Energy, and their directors amounts to over $1.01 billion and ₦430 billion as of 30 September 2025.
Justice D. I. Dipeolu granted a Mareva injunction against Nestoil Limited, Neconde Energy Limited, Ernest Azudialu-Obiejesi, and Nnenna Obiejesi on 22 October 2025, leading to the enforcement action by First Bank.
The order, certified by the court’s Deputy Chief Registrar, Longs G. Longwa, and addressed to the Deputy Inspector General of Police (Operations), instructed the police to assist court bailiffs and the appointed receiver-manager in enforcing the ruling.
“Pursuant to the Order of this Honourable Court dated 22 October 2025, you are requested to kindly use your good office to assist the Bailiffs of this Court in executing the attached copy of Court Order,” the registrar’s letter to police authorities stated.
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 appointed Abubakar Sulu-Gambari (SAN) as receiver/manager to take over Nestoil’s headquarters in Victoria Island, Lagos, and other assets.
Security agencies, including the police, navy, and SSS, were directed to assist in enforcing the takeover and provide protection.
The receiver/manager was empowered to take control of Neconde Energy’s interests in Oil Mining Lease (OML) 42, jointly operated with NNPCL. NUPRC and NNPCL were instructed to grant access and cooperate in managing the oil block’s production and revenue.
The case has been adjourned to 7 November 2025 for hearing.
Nestoil and Azudialu-Obiejesi had not publicly commented on the court order or premises sealing as of press time.
