Justice Dehinde Dipeolu of the Federal High Court, Lagos, has issued a Mareva injunction restraining Nestoil Limited and its affiliates from disposing of or tampering with their assets pending the determination of a $1 billion debt recovery suit filed by First Trustees Limited and FBNQuest Merchant Bank Limited.
In an order dated 22 October 2025, Justice Dipeolu authorised the applicants—acting on behalf of a consortium of creditor banks—to take possession and assume control of Nestoil’s assets and subsidiaries under receivership.
The respondents in the suit include Nestoil Limited, its affiliate Neconde Energy Limited, and the companies’ principal promoters, Ernest Azudialu-Obiejesi and Nnenna Obiejesi.
Following the court’s directive, police officers on Tuesday sealed Nestoil’s corporate headquarters located at 41/42 Akin Adesola Street, Victoria Island, Lagos, to enforce the receivership and ensure compliance with the freezing order.
Staff members were ordered to vacate the premises while court bailiffs and enforcement officers executed the possession order.
Justice Dipeolu granted the Mareva injunction over funds, shares, and other assets standing to the credit of the defendants in more than 20 financial institutions pending the hearing and determination of the substantive suit.
The judge also empowered the appointed receiver/managers to take control of Nestoil’s assets, oversee its operations, and preserve them from being alienated or encumbered while the proceedings last.
The order was sought to secure an alleged debt exposure of about $1.012 billion and ₦430 billion said to be owed to the applicant banks as of 30 September 2025.
Nestoil and Neconde Energy had obtained multiple credit facilities from a consortium of Nigerian banks led by FBNQuest Merchant Bank.
Following alleged defaults in repayment, the lenders appointed First Trustees Limited as their trustee to recover the outstanding sums.
Founded in 1991, Nestoil is one of Nigeria’s leading indigenous Engineering, Procurement, Construction and Commissioning firms in the oil and gas sector.
Its affiliate, Neconde Energy Limited, established in 2010, holds an upstream interest in Oil Mining Lease 42, acquired in 2011 under a joint venture with the Nigerian Petroleum Development Company.
