The corporate offices of Nestoil Limited in Victoria Island, Lagos, have been repossessed by a receiver following a “restorative injunction” issued by the Court of Appeal in Lagos.
Nestoil had earlier been placed under receivership by a consortium of lenders over a reported $2 billion debt based on a Federal High Court order. The company and its sister firm, Neconde Energy Limited, later secured another High Court injunction directing the receiver to halt action.
However, the Court of Appeal has now restored the original receivership order, leading to police enforcement and the takeover of Nestoil’s headquarters on Monday.