…as police seal off company’s Lagos headquarters
A consortium of Nigerian lenders has placed Nestoil Limited, one of the country’s leading oil and gas service companies, under receivership over a debt estimated at $1 billion.
This followed a Federal High Court order obtained on October 22, 2025.
Federal High Court in Lagos issued a Mareva injunction — a form of asset-freeze order — empowering First Trustees Limited and its subsidiary, FBNQuest Merchant Bank, to take control of Nestoil’s assets.
The injunction, granted by Justice D. I. Dipeolu, was issued against Nestoil Limited, its affiliate Neconde Energy Limited, and their principal promoters, Ernest Azudialu-Obiejesi and Nnenna Obiejesi.
Following the court’s decision, policemen sealed off Nestoil’s corporate headquarters on Victoria Island, Lagos, to enforce the receivership and prevent the movement or disposal of company property.
A large number of armed policemen were deployed enforcing the in the company’s corporate headquarters to seal off the premises located at 41/42 Akin Adesola Road on Victoria Island.
Workers sent out of the premises watched in bewilderment as police effect the order of possession.
Nestoil, founded in 1991 by Ernest Azudialu-Obiejesi, is Nigeria’s largest indigenous Engineering, Procurement, Construction and Commissioning (EPCC) Company in the Oil and Gas sector.
However, in recent years, the company has reportedly faced liquidity pressures over indebtedness to lenders.
