Armed cops on Tuesday, October 28, 2025, sealed the Lagos headquarters of Nestoil Limited following an order of the Federal High Court authorising First Trustees Limited and its subsidiary, FBNQuest Merchant Bank, to take possession of the corporate’s belongings over alleged defaults on money owed exceeding $1.01 billion and ₦430 billion.
Justice D. I. Dipeolu of the Federal High Court, Lagos Division, granted the Mareva injunction on Wednesday, October 22, 2025, in a go well with filed by First Trustees and FBNQuest towards Nestoil Limited, Neconde Energy Limited, and their promoters, Dr. Ernest Azudialu-Obiejesi and Mrs. Nnenna Obiejesi.
The licensed order, signed by the court docket’s Deputy Chief Registrar, Longs G. Longwa, authorised the Deputy Inspector-General of Police to help court docket bailiffs and the appointed receiver-manager in executing the takeover.
Court filings present that the plaintiffs alleged the defendants’ indebtedness stood at greater than $1.01 billion and ₦430 billion as of Monday, September 30, 2025, arising from a number of credit score amenities prolonged to the oil and fuel group and its associates.
The court docket additionally ordered the freezing of the defendants’ {bank} accounts and shareholdings in over 20 {financial} establishments and corporations, together with Guaranty Trust Bank, Fidelity Bank, Stanbic IBTC, Wema Bank, Citibank, and Standard Chartered Bank.
Abubakar Sulu-Gambari (SAN) was appointed receiver/supervisor and empowered to take management of Nestoil’s headquarters at 41/42 Akin Adesola Street, Victoria Island, Lagos, together with different recognized belongings belonging to the group.
The court docket additional directed safety businesses, together with the Nigeria Police Force, Nigerian Navy, and Department of State Services (DSS) to supply full help in implementing the order.
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In addition, the ruling authorised the receiver to imagine management of Neconde Energy Limited’s curiosity in Oil Mining Lease (OML) 42, which it collectively operates with the Nigerian National Petroleum Company Limited (NNPCL).
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) was directed to grant entry and cooperation to the receiver.
The case has been adjourned to Friday, November 7, 2025, for additional listening to.
As of press time, neither Nestoil Limited nor Dr. Azudialu-Obiejesi had issued any public assertion relating to the court docket’s determination.
