Armed police officers on Tuesday sealed the Lagos headquarters of Nestoil Limited after the Federal High Court granted a Mareva injunction authorising First Trustees Limited and its subsidiary, FBNQuest Merchant Bank, to take over the company’s assets over an alleged multibillion-dollar debt default.
The operation followed a ruling by Justice D. I. Dipeolu of the Lagos Division on October 22, 2025, directing law enforcement agencies to assist in enforcing the order against Nestoil, Neconde Energy Limited, and their promoters, Ernest and Nnenna Azudialu-Obiejesi.
According to court filings, the companies allegedly owe more than $1.01 billion and ₦430 billion as of September 30, 2025, arising from various credit facilities.
“Pursuant to the order of this Honourable Court dated October 22, 2025, you are requested to kindly assist the bailiffs of this Court in executing the attached copy of Court Order,” read a letter signed by the Deputy Chief Registrar, Longs G. Longwa, to the police authorities.
FBNQuest Moves to Recover Debt
Justice Dipeolu’s ruling granted sweeping orders freezing the defendants’ bank accounts and shares in more than 20 institutions, including Citibank, GTBank, Stanbic IBTC, Fidelity Bank, Wema Bank, and Central Securities Clearing Systems.
The court also authorised the appointed receiver/manager, Abubakar Sulu-Gambari (SAN), to take possession of Nestoil’s headquarters at 41/42 Akin Adesola Street, Victoria Island, and other listed assets.
Security agencies — including the Nigeria Police Force, Nigerian Navy, and State Security Service (SSS) — were directed to support the receiver in executing the court’s order and preserving the company’s properties.
The injunction further extended to Neconde Energy’s interests in Oil Mining Lease (OML) 42, a joint venture with the Nigerian National Petroleum Company Limited (NNPCL).
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and NNPCL were also mandated to grant the receiver access to the oil block and cooperate in managing production and revenue flows.
The case has been adjourned to November 7, 2025, for the hearing of the substantive motion on notice. As of press time, neither Nestoil nor Mr. Azudialu-Obiejesi had issued an official statement.
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