Ernest Azudialu-Obiejesi, Nigerian oil magnate is at present going through exhausting instances as a consortium of Nigerian banks has seized his Nestoil Towers, over an alleged estimated $1 billion debt.
The transfer adopted a Federal High Court order issued on October 22, 2025, granting a Mareva injunction—an asset-freeze order—empowering First Trustees Limited and its subsidiary, FBNQuest Merchant Bank, to take management of Nestoil’s property.
The injunction, granted by Justice D. I. Dipeolu of the Federal High Court in Lagos, was issued towards Nestoil Limited, its affiliate Neconde Energy Limited, and the corporate’s principal promoters, Ernest Azudialu-Obiejesi and Nnenna Obiejesi.
Following the courtroom’s ruling, armed cops sealed off Nestoil’s company headquarters at 41/42 Akin Adesola Road, Victoria Island, Lagos, to implement the receivership and forestall the motion or disposal of firm property.
Eyewitnesses stated employees members have been ordered out of the premises as police executed the possession order.
The courtroom motion arose from a debt declare filed by FBNQuest Merchant Bank Limited and First Trustees Limited towards Nestoil Limited, Neconde Energy Limited, and their administrators. The plaintiffs alleged that the businesses and their promoters owed over $1.01 billion and ₦430 billion as of 30 September 2025, in respect of assorted credit score services.
Justice Dipeolu granted a number of orders freezing the defendants’ {bank} accounts and shares throughout greater than 20 {financial} and different establishments in Nigeria, together with 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.
The courtroom additional authorised Abubakar Sulu-Gambari (SAN), the receiver/supervisor appointed by the plaintiffs, to take over Nestoil’s headquarters situated at 41/42 Akin Adesola Street, Victoria Island, Lagos, together with different recognized property.
In addition to freezing Nestoil’s property and people of its subsidiaries, the courtroom directed a number of safety businesses, together with the Nigeria Police Force, the Nigerian Navy, and the State Security Service (SSS), to supply safety and help in implementing the takeover.
The order additionally empowered the receiver/supervisor to imagine management of Neconde Energy’s pursuits in Oil Mining Lease (OML) 42, which is collectively operated with the Nigerian National Petroleum Company Limited (NNPCL) and its subsidiaries.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and NNPCL have been additional instructed to grant the receiver entry to the oil block and cooperate in managing manufacturing and income flows.
The Federal High Court adjourned the case to 7 November 2025 for the listening to of the substantive movement on discover.
As of press time, neither Nestoil nor Mr. Azudialu-Obiejesi had publicly commented on the courtroom order or the sealing of the corporate’s premises.
The firm has reportedly confronted extreme liquidity challenges lately, linked to mounting money owed owed to a number of lenders.
