Armed cops sealed the Lagos headquarters of Nestoil Limited on Tuesday, following a Federal Excessive Courtroom order authorising First Trustees and its subsidiary, FBNQuest Service provider Financial institution, to take over the corporate’s property because of an alleged multibillion-dollar debt default.
The enforcement adopted a directive issued by Justice D. I. Dipeolu of the Federal Excessive Courtroom, Lagos Division, on 22 October 2025, granting a Mareva injunction in opposition to Nestoil Restricted and its affiliate, Neconde Power Restricted, in addition to their principal promoters, Ernest Azudialu-Obiejesi and Nnenna Obiejesi.
The order, licensed by the courtroom’s Deputy Chief Registrar, Longs G. Longwa, and addressed to the Deputy Inspector Basic of Police (Operations), instructed the police to help courtroom bailiffs and the appointed receiver-manager in implementing the ruling.
“Pursuant to the Order of this Honourable Courtroom dated 22 October 2025, you might be requested to kindly use your good workplace to help the Bailiffs of this Courtroom in executing the connected copy of Courtroom Order,” the registrar’s letter to police authorities acknowledged.
Nestoil and a multibillion-dollar debt
The courtroom motion stemmed from a debt declare by FBNQuest Service provider Financial institution Restricted and First Trustees Restricted in opposition to Nestoil, Neconde Power, and their administrators. The plaintiffs alleged that the businesses and their promoters owed greater than $1.01 billion and ₦430 billion as of 30 September 2025, in respect of varied credit score amenities.
Justice Dipeolu granted a number of orders freezing the defendants’ financial institution accounts and shares throughout greater than 20 monetary and different establishments in Nigeria, together with Citibank Nigeria Restricted, Central Securities and Clearing Methods PLC, Constancy Financial institution PLC, Warranty Belief Financial institution PLC, Globus Financial institution Restricted, Keystone Financial institution Restricted, Opay Restricted, Polaris Financial institution Restricted, Providus Financial institution Restricted, Stanbic IBTC Financial institution Restricted, Customary Chartered Financial institution Nigeria Restricted, Sterling Financial institution PLC, Titan Belief Financial institution Restricted, Unity Financial institution PLC, Wema Financial institution PLC, Gobowen Exploration and Manufacturing Restricted, Hammako Consortium Restricted, Krawcod Properties Restricted, Santa Spring Oil and Fuel Restricted, Marine & Ocean Infinity Nigeria Restricted and White Dove Transport Co. Ltd.
The courtroom additionally authorised Abubakar Sulu-Gambari (SAN), the receiver/supervisor appointed by the plaintiffs, to take over Nestoil’s headquarters situated at 41/42 Akin Adesola Avenue, Victoria Island, Lagos, and different recognized property.
Along with freezing Nestoil’s property in addition to these of its subsidiaries, the courtroom directed a number of safety companies, together with the Nigeria Police Power, the Nigerian Navy, and the State Safety Service (SSS), to offer safety and help in implementing the takeover.
The order additionally empowered the receiver/supervisor to imagine management of Neconde Power’s pursuits in Oil Mining Lease (OML) 42, collectively operated with the Nigerian Nationwide Petroleum Firm Restricted (NNPCL) and its subsidiaries.
The Nigerian Upstream Petroleum Regulatory Fee (NUPRC) and NNPCL have been additionally instructed to grant the receiver entry to the oil block and cooperate in managing manufacturing and income flows.
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The Federal Excessive Courtroom adjourned the case to 7 November 2025 for the listening to of the substantive movement on discover.
As of press time, neither Nestoil nor Mr Azudialu-Obiejesi had publicly commented on the courtroom order or the sealing of the corporate’s premises.
