Police seal Nestoil headquarters as court orders takeover over $1bn debt
As part of activities to mark the 2022 International Women’s Day, Nestoil Group held a virtual event to celebrate women and drive gender parity
Armed officers of the Nigeria Police Force 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 over the company’s assets over an alleged debt running into billions of dollars.
The enforcement came after Justice D. I. Dipeolu of the Federal High Court, Lagos Division, on 22 October 2025, issued a Mareva injunction against Nestoil, its affiliate Neconde Energy Limited, and the firms’ principal promoters, Ernest Azudialu-Obiejesi and Nnenna Obiejesi.
The court order, certified by Deputy Chief Registrar Longs G. Longwa, directed the Deputy Inspector General of Police (Operations) to assist court bailiffs and the appointed receiver-manager in executing the judgment.
According to filings before the court, FBNQuest Merchant Bank Limited and First Trustees Limited alleged that the companies and their directors owed a combined $1.01 billion and N430 billion as of 30 September 2025, across multiple credit facilities.
Read also: Nestoil reassures stakeholders after police sealed headquarters over $1bn receivership dispute
Justice Dipeolu’s ruling also froze all bank accounts and shareholdings belonging to Nestoil, Neconde Energy, and their affiliates in more than 20 financial institutions, including Citibank Nigeria, Fidelity Bank, Guaranty Trust Bank, Stanbic IBTC, Standard Chartered Bank, Polaris Bank, and Wema Bank.
The court further empowered Abubakar Sulu-Gambari (SAN), the appointed receiver/manager, to assume control of Nestoil and Neconde Energy’s assets, including their interests in Oil Mining Lease (OML) 42, operated jointly with the Nigerian National Petroleum Company (NNPC) Limited.
It also directed regulatory bodies such as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and NNPC to cooperate with the receiver in managing the asset and its revenue flows.
Additionally, security agencies including the Nigerian Navy and the State Security Service (SSS) were instructed to support the takeover process and safeguard the affected assets.
The case has been adjourned to 7 November 2025 for the hearing of the substantive motion.
Nestoil and Ernest Azudialu-Obiejesi,its chairman, are yet to release an official statement regarding the development.
