The management of Nestoil Group has issued an official statement addressing recent media reports concerning enforcement actions and the status of its assets following a court order obtained by a consortium of lenders.
In a release signed by its Corporate Communications Department, the company confirmed its awareness of the ongoing legal proceedings but clarified that the matter is a commercial dispute currently before the courts. It emphasized that the issue is being handled through “appropriate legal and regulatory channels.”
“The Group continues to cooperate fully with all relevant authorities and financial partners to resolve any outstanding matters in a transparent and responsible manner,” the statement read.
Nestoil further noted that it remains operationally stable across all business lines, including its oil, gas, power, and infrastructure subsidiaries, despite reports of enforcement actions at its Lagos headquarters.
“Proactive measures have been implemented to protect our workforce, sustain operations, and uphold our obligations to clients and partners,” the company added.
Reaffirming its “legacy of integrity and corporate responsibility,” the energy and engineering conglomerate stressed its commitment to professionalism and compliance with the rule of law.
The company assured stakeholders that it remains financially strong and strategically focused, urging the public and media to rely only on verified statements issued directly by the Group.
Legal observers note that the clarification comes days after a Federal High Court in Lagos granted a Mareva injunction authorizing lenders, including First Trustees and FBNQuest Merchant Bank, to take control of certain Nestoil assets over a reported $1 billion debt.