Armed police officers on Tuesday, 28 October, 2025 sealed the Lagos headquarters of Nestoil Limited following a Federal High Court order permitting First Bank of Nigeria and its subsidiary, FBNQuest Merchant Bank, to take over the company’s assets over an alleged multibillion-dollar debt default.
The enforcement came after Justice D. I. Dipeolu of the Federal High Court, Lagos, on October 22, 2025, granted a Mareva injunction against Nestoil, its affiliate Neconde Energy Limited, and their principal promoters, Ernest Azudialu-Obiejesi and Nnenna Obiejesi.
According to court documents certified by Deputy Chief Registrar Longs G. Longwa, the police were directed to assist court bailiffs and the court-appointed receiver/manager, Abubakar Sulu-Gambari (SAN), in executing the order.
The plaintiffs, FBNQuest Merchant Bank Limited and First Trustees Limited, accused the defendants of owing over $1.01 billion and ₦430 billion as of September 30, 2025, arising from multiple credit facilities.
Justice Dipeolu also issued orders freezing the defendants’ bank accounts and shareholdings across more than 20 financial and corporate institutions, and authorised the receiver/manager to take control of Nestoil’s headquarters at 41/42 Akin Adesola Street, Victoria Island, Lagos, along with other identified assets.
The court further empowered the receiver to assume control of Neconde Energy’s interests in Oil Mining Lease (OML) 42, operated jointly with the Nigerian National Petroleum Company Limited (NNPCL), and directed the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and NNPCL to grant access and cooperate in managing production and revenues.
The matter was adjourned to November 7, 2025, for hearing of the substantive motion.
