The corporate headquarters of Nestoil Limited, located in Victoria Island, Lagos, has been sealed off by police following a receivership action initiated by a consortium of lenders over an alleged $1 billion debt.
This development comes after the Federal High Court 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.
In the ruling, Justice D. I. Dipeolu directed that the order be enforced against Nestoil Limited, its affiliate Neconde Energy Limited, and the company’s principal promoters, Ernest Azudialu-Obiejesi and Nnenna Obiejesi.
Armed security personnel were seen securing the premises on Tuesday, effectively halting operations at the oil and gas firm’s Lagos office as the legal takeover takes effect.