Security operatives have sealed Victoria Island headquarters of Nestoil Limited after the oil and gas firm was placed under receivership by a consortium of banks over a debt estimated at $1 billion.
Gatekeepers News reports that the action follows a ruling by Federal High Court in Lagos on October 22, 2025, which granted an order of Mareva empowering First Trustees and its subsidiary, FBNQuest Merchant Bank, to assume control of Nestoil’s assets.
Justice D. I. Dipeolu issued the order against Nestoil Limited, its affiliate Neconde Energy Limited, and the company’s principal promoters, Ernest Azudialu-Obiejesi and Nnenna Obiejesi.
The court also listed several financial institutions and corporate entities as affected parties, including 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 Company Limited.
All listed institutions were directed to freeze the assets of the defendants pending the hearing of the substantive case scheduled for next month.
Justice Dipeolu further restrained any transactions involving the sums of $1,012,608,386.91 and ₦430,014,064,380.77 — the total debt owed as of September 30, 2025.
Additional obligations personally guaranteed by Ernest Azudialu-Obiejesi were also detailed, including ₦366.8 billion, $61.2 million, $152 million, and ₦10.4 billion owed to Access Bank, First Bank, and Zenith Bank.
