Nestoil Group speaks on asset seizure, says operations unaffected
Nestoil Group has reassured stakeholders that its operations remain unaffected in spite of the seizure of its Lagos headquarters by armed police officers on Tuesday.
PREMIUM TIMES had reported how armed police officers sealed the Lagos office of Nestoil Limited on Tuesday, following a Federal High Court order granting liberty to First Trustees and FBNQuest Merchant Bank to take over the company’s assets on account of an alleged multibillion-dollar debt default.
The enforcement followed a directive by Justice D. I. Dipeolu of the Federal High Court, Lagos Division on 22 October, granting a Mareva injunction against Nestoil Limited and its affiliate, Neconde Energy Limited, as well as against their principal promoters, Ernest Azudialu-Obiejesi and Nnenna Obiejesi.
The order, certified by the court’s deputy chief registrar, Longs Longwa, and addressed to the deputy inspector general of police (operations), instructed the police to assist court bailiffs and the appointed receiver-manager in enforcing the ruling.
The court action resulted from a debt claim by FBNQuest Merchant Bank Limited and First Trustees Limited against Nestoil, Neconde Energy and their directors. The plaintiffs claimed that the companies and their promoters owe more than $1.01 billion and N430 billion as of 30 September 2025, in respect of various credit facilities.
In its statement on Tuesday, Nestoil Group noted that the action is a commercial matter that is currently before the court, adding that it is being addressed through appropriate legal and regulatory channels.
The group said it continues to cooperate fully with relevant authorities and financial partners to resolve outstanding issues transparently and responsibly, noting that constructive discussions are ongoing, and it remains confident that the engagements will result in a fair and lasting resolution.
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“Nestoil remains fully operational across all business lines,” the statement notes. “Our subsidiaries, projects, and commitments in the oil, gas, power, and infrastructure sectors continue without disruption.”
The company disclosed that it has put in place proactive measures to protect its workforce, sustain operations and uphold its obligations to clients and partners.
“We understand the concerns that recent reports may have generated and wish to assure all stakeholders that Nestoil Group remains financially strong, operationally stable, and strategically focused,” it said.