NESTOIL HQ SEALED BY POLICE AS FIRST BANK ASSUMES CONTROL OF ASSETS
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The Lagos headquarters of Nestoil Limited was sealed on Tuesday by armed police officers following a Federal High Court order granting First Bank of Nigeria and its subsidiary, FBNQuest Merchant Bank, authority to take over the company’s assets over an alleged multibillion-dollar debt default.
The enforcement followed a Mareva injunction issued on 22 October 2025 by Justice D. I. Dipeolu of the Federal High Court, Lagos Division, against Nestoil Limited, its affiliate Neconde Energy Limited, and their principal promoters, Ernest Azudialu-Obiejesi and Nnenna Obiejesi.
The order, certified by the court’s Deputy Chief Registrar, Longs G. Longwa, was addressed to the Deputy Inspector General of Police (Operations), directing police officers to assist court bailiffs and the appointed receiver/manager in enforcing the ruling.
“Pursuant to the Order of this Honourable Court dated 22 October 2025, you are requested to kindly use your good office to assist the Bailiffs of this Court in executing the attached copy of Court Order,” the registrar’s letter stated.
The legal action stems from a debt claim by FBNQuest Merchant Bank Limited and First Trustees Limited, who alleged that Nestoil, Neconde Energy, and their promoters owed over $1.01 billion and ₦430 billion as of 30 September 2025, in respect of various credit facilities.
Justice Dipeolu also issued orders freezing the defendants’ bank accounts and shares across more than 20 financial institutions, including Citibank Nigeria, Fidelity Bank, Guaranty Trust Bank, Polaris Bank, Stanbic IBTC, Standard Chartered Bank, and several other corporate entities.
The court authorised Abubakar Sulu-Gambari (SAN), the receiver/manager appointed by the plaintiffs, to take control of Nestoil’s headquarters at 41/42 Akin Adesola Street, Victoria Island, Lagos, and other identified company assets.
Security agencies, including the Nigeria Police Force, Nigerian Navy, and the State Security Service (SSS), were directed to provide protection and assist in enforcing the takeover.
The order also empowered the receiver/manager to assume control of Neconde Energy’s interests in Oil Mining Lease (OML) 42, jointly operated with the Nigerian National Petroleum Company Limited (NNPCL). Both NNPCL and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) were instructed to grant the receiver access to the oil block and cooperate in managing production and revenue flows.
The Federal High Court has adjourned the case to 7 November 2025 for the hearing of the substantive motion.
As of press time, neither Nestoil nor Ernest Azudialu-Obiejesi had commented publicly on the court order or the sealing of the company’s headquarters.
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