A consortium of Nigerian banks has taken over Nestoil Limited and placed the company under receivership over an alleged debt of about $1 billion.
Following the development, operatives of the Nigeria Police Force sealed the company’s corporate headquarters located on Victoria Island, Lagos.
The move follows an order issued on October 22, 2025, by the Federal High Court in Lagos, granting First Trustees and its subsidiary, FBNQuest Merchant Bank, authority to take possession of Nestoil’s assets.
Justice D. I. Dipeolu granted the Mareva injunction against Nestoil Limited, its affiliate Neconde Energy Limited, and the company’s principal promoters, Ernest Azudialu-Obiejesi and Nnenna Obiejesi.
The order also listed several entities and financial institutions as “affected parties,” 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, and Stanbic IBTC Bank Plc.
Others include 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 Co. Ltd.
The court directed all listed banks to freeze the defendants’ assets pending the hearing of the substantive case scheduled for next month.
Justice Dipeolu’s order specifically restrains transactions involving a total of $1,012,608,386.91 and ₦430,014,064,380.77, representing Nestoil’s total indebtedness as of September 30, 2025.
Additionally, the court noted other debts personally guaranteed by Azudialu-Obiejesi, totaling ₦366.8 billion, $61.2 million, $152 million, and ₦10.4 billion, owed to Access Bank, First Bank, and Zenith Bank.
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