Police seal Nestoil headquarters over $1 billion debt
Police have sealed off the corporate headquarters of Nestoil Limited in Victoria Island, Lagos, after the company was placed under receivership by a consortium of lenders over a reported $1 billion debt.
A Federal High Court sitting in Lagos had, on October 22, 2025, issued an order of Mareva authorising First Trustees and its subsidiary, FBNQuest Merchant Bank, to take over the company’s assets, The Cable reports.
Justice D. I. Dipeolu issued the injunction against the defendants — Nestoil Limited and its affiliate, Neconde Energy Limited, as well as Ernest Azudialu-Obiejesi and Nnenna Obiejesi, the principal promoters.
Listed as “affected parties” in the suit are Citibank 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 Limited.
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.
All the listed banks are to freeze the assets of the defendants while the substantive case will be heard next month.
Justice Dipeolu also restrained dealings in the sum of $1,012,608,386.91 and ₦430,014,064,380.77 — representing the total indebtedness as of September 30, 2025.
There were additional debts personally guaranteed by Azudialu-Obiejesi, totalling over ₦366.8 billion, $61.2 million, $152 million, and ₦10.4 billion, owed to Access Bank, First Bank, and Zenith Bank.
