Police seal Nestoil Headquarters over $1 Billion debt, Court orders asset takeover (Video)

The police have sealed the corporate headquarters of Nestoil Limited in Victoria Island, Lagos, following a receivership order obtained by a consortium of lenders over the company’s alleged $1 billion debt.

This action comes after the Federal High Court sitting in Lagos, on October 22, 2025, issued a Mareva injunction empowering First Trustees and its subsidiary, FBNQuest Merchant Bank, to assume control of Nestoil’s assets.

Justice D. I. Dipeolu granted the order against Nestoil Limited, its affiliate Neconde Energy Limited, and the company’s promoters, Ernest Azudialu-Obiejesi and Nnenna Obiejesi.

The injunction also listed several financial institutions and companies as “affected parties,” including Citibank Limited, Central Securities and Clearing Systems Plc, Fidelity Bank Plc, GTBank Plc, Globus Bank, Keystone Bank, Opay, Polaris Bank, Providus Bank, Stanbic IBTC Bank, Standard Chartered Bank, Sterling Bank, Titan Trust Bank, Unity Bank, Wema Bank, and others.

The court directed all the listed banks to freeze the assets of the defendants pending the determination of the substantive suit, which is scheduled for hearing next month.

Justice Dipeolu’s order restrained dealings in the total indebted sum of $1,012,608,386.91 and ₦430,014,064,380.77, representing Nestoil’s liabilities as of September 30, 2025.

Additionally, debts personally guaranteed by Azudialu-Obiejesi were disclosed to include over ₦366.8 billion, $61.2 million, $152 million, and ₦10.4 billion owed to Access Bank, First Bank, and Zenith Bank.

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The takeover marks one of Nigeria’s largest corporate debt enforcement actions in recent years.

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