Armed police officers on Tuesday sealed the Lagos headquarters of Nestoil Limited following a Federal High Court order authorising First Bank of Nigeria and its subsidiary, FBNQuest Merchant Bank, to take possession of the company’s assets over an alleged multibillion-dollar debt.
The enforcement followed a ruling by Justice D. I. Dipeolu of the Federal High Court, Lagos Division, delivered on October 22, 2025, which granted a Mareva injunction against Nestoil, its sister firm Neconde Energy Limited, and their key promoters, Ernest and Nnenna Azudialu-Obiejesi.
According to court documents, FBNQuest Merchant Bank and First Trustees Limited claimed that Nestoil and its affiliates were indebted to them to the tune of $1.01 billion and N430 billion as of September 30, 2025, across multiple loan facilities.
The certified court order, signed by Deputy Chief Registrar Longs G. Longwa, instructed the Deputy Inspector General of Police (Operations) to assist court officials and the appointed receiver-manager in executing the takeover. Justice Dipeolu also froze all bank accounts and shareholdings of Nestoil, Neconde Energy, and their subsidiaries across more than 20 financial institutions, including GTBank, Fidelity, Stanbic IBTC, Citibank, Wema, and Standard Chartered Bank.
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The court further empowered the receiver/manager, Abubakar Sulu-Gambari (SAN), to assume control of Nestoil and Neconde Energy’s assets, including their stakes in Oil Mining Lease (OML) 42, jointly operated with the Nigerian National Petroleum Company Limited.
Regulatory agencies such as the NUPRC and the NNPC were directed to cooperate with the receiver, while security agencies, including the Navy and DSS, were tasked with protecting the assets. The case was adjourned to November 7, 2025, for further hearing.
