By Abiola Olawale
In a dramatic turn of events, the corporate headquarters of an indigenous oil and gas giant, Nestoil Limited, in Lagos State, was sealed by police on Tuesday, following a Federal High Court order that placed the company under receivership over a colossal $1.01 billion and ₦430 billion debt dispute.
The enforcement action, which saw armed officers securing the premises, has been generating reactions from Nigerians.
However, Nestoil has swiftly moved to reassure stakeholders, confirming the action relates to a commercial matter currently before the courts and insisting that all its operations remain stable and undisrupted.
The New Diplomat reports that the police action was triggered by a Mareva injunction granted on October 22, 2025, by the Federal High Court in Lagos.
The order, sought by FBNQuest Merchant Bank and First Trustees Limited on behalf of a consortium of creditor banks, authorizes the immediate takeover of assets belonging to Nestoil Limited and its affiliate, Neconde Energy Limited, along with their principal promoters.
Justice D. I. Dipeolu, who presided over the case, issued the injunction against the defendants — Nestoil Limited and its affiliate, Neconde Energy Limited, as well as Ernest Azudialu-Obiejesi and Nnenna Obiejesi, the principal promoters.
Justice Dipeolu, in his ruling granted multiple orders freezing the defendants’ bank accounts and shares across more than 20 financial and other institutions in Nigeria, including Citibank Nigeria Limited, Central Securities and Clearing Systems PLC, Fidelity Bank PLC, Guaranty Trust Bank PLC, Globus Bank Limited, Keystone Bank Limited, Opay Limited, Polaris Bank Limited, Providus Bank Limited, Stanbic IBTC Bank Limited, Standard Chartered Bank Nigeria Limited, Sterling Bank PLC, Titan Trust Bank Limited, Unity Bank PLC, Wema Bank PLC, Gobowen Exploration and Production Limited, Hammako Consortium Limited, Krawcod Properties Limited, Santa Spring Oil and Gas Limited, Marine & Ocean Infinity Nigeria Limited and White Dove Shipping Co. Ltd.
Also, the listed financial institutions are to seize the assets of the defendants, while the substantive case will be heard in November 2025.
Meanwhile, despite the sealing of its head office, Nestoil Group released an official statement, calling for calm.
Nestoil Group said: “The situation relates to a commercial matter currently before the courts, which is being addressed through appropriate legal and regulatory channels.
“The Group continues to cooperate fully with all relevant authorities and financial partners to resolve any outstanding matters transparently and responsibly. Constructive discussions are ongoing, and we remain confident that these engagements will result in a fair and lasting resolution.
“Nestoil remains fully operational across all business lines. Our subsidiaries, projects, and commitments in the oil, gas, power, and infrastructure sectors continue without disruption.
“Proactive measures have been implemented to protect our workforce, sustain operations, and uphold our obligations to clients and partners.”
