Table of Contents
- Nestoil Limited Receivership
- Court Order Details
- Affected Parties
- Asset Freeze Mandate
- Additional Debts
Nigerian banks have taken control and placed Nestoil Limited under receivership due to an alleged debt of $1 billion.
This situation prompted the Nigeria Police Force to seal off the corporate headquarters of Nestoil Limited located in Victoria Island, Lagos.
A Federal High Court in Lagos issued a Mareva order on October 22, 2025, authorizing First Trustees and its subsidiary, FBNQuest Merchant Bank, to seize the company’s assets.
Justice D. I. Dipeolu granted the injunction against the defendants—Nestoil Limited and its affiliate, Neconde Energy Limited, along with Ernest Azudialu-Obiejesi and Nnenna Obiejesi, the principal promoters.
Also identified as “affected parties” in the lawsuit are Citibank 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, and Stanbic IBTC Bank Limited.
In addition, other parties include Standard Chartered Bank Nigeria, Sterling Bank Plc, Titan Trust Bank Limited, Unity Bank Plc, Wema Bank Plc, Gobowen Exploration and Production Limited, Hammakopp Consortium Limited, Krawcod Properties Limited, Santa Spring Oil and Gas Limited, Marine & Ocean Infinity Nigeria Limited, and White Dove Shipping Co Ltd.
The court injunction requires all listed banks to freeze the defendants' assets while the main case is set to be heard next month.
Justice Dipeolu has prohibited transactions involving a total of $1,012,608,386.91 and N430,014,064,380.77—the total debt as of September 30, 2025.
Additionally, there are other debts personally guaranteed by Azudialu-Obiejesi, amounting to over N366.8 billion, $61.2 million, $152 million, and N10.4 billion owed to Access Bank, First Bank, and Zenith Bank.
What led to Nestoil Limited being placed under receivership?
Nestoil Limited was placed under receivership due to an alleged debt amounting to $1 billion, which prompted action from Nigerian banks and the authorities.
What is a Mareva injunction?
A Mareva injunction is a court order that freezes a defendant's assets to prevent them from being dissipated before a judgment is made in a case.
Who are the affected parties in the Nestoil Limited case?
The affected parties include several banks such as Citibank Limited, Fidelity Bank Plc, and Stanbic IBTC Bank Limited, along with other financial institutions.
