Nigerian banks have taken control of Nestoil Limited, placing the oil and gas company under receivership over an alleged debt of $1 billion.
Following the development, the Nigeria Police Force sealed the corporate headquarters of Nestoil Limited in Victoria Island, Lagos.
A Federal High Court in Lagos, on October 22, 2025, issued a Mareva injunction authorising First Trustees and its subsidiary, FBNQuest Merchant Bank, to assume control over the company’s assets.
Justice D. I. Dipeolu issued the injunction against the defendants, Nestoil Limited and its affiliate, Neconde Energy Limited, as well as principal promoters Ernest Azudialu-Obiejesi and Nnenna Obiejesi.
The court also listed several “affected parties” in the suit, including 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.
Other listed 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 that all the banks freeze the assets of the defendants while the substantive case proceeds next month.
Justice Dipeolu specifically restrained any dealings with the sum of $1,012,608,386.91 and N430,014,064,380.77, representing the total indebtedness as of September 30, 2025.
Additionally, there are other debts personally guaranteed by Azudialu-Obiejesi, which include over N366.8 billion, $61.2 million, $152 million, and N10.4 billion owed to Access Bank, First Bank, and Zenith Bank.
