Nestoil Group has mentioned its operations stay absolutely useful regardless of the court-ordered sealing of its Lagos head workplace by safety operatives.
The Group made the clarification following the sealing of its headquarters in Victoria Island over a debt dispute involving FBNQuest Merchant Bank Restricted and First Trustees Restricted, each subsidiaries of First Bank of Nigeria Restricted.
In an announcement issued on Tuesday, Nestoil Group mentioned the closure of its Victoria Island workplace didn’t have an effect on enterprise continuity throughout its subsidiaries and undertaking websites.
It added that workers had been working remotely and operations had been persevering with as regular whereas it engaged related authorities and events to resolve the matter by way of authorized channels.
“Nestoil Group (“the Group”) acknowledges current media stories relating to sure enforcement actions and the standing of its company property. We want to present the next clarifications to our stakeholders, companions, and most of the people:
“Nestoil is conscious of the stories and ongoing authorized processes referenced within the media. The state of affairs pertains to a business matter at the moment earlier than the courts, which is being addressed by way of acceptable authorized and regulatory channels,” the assertion learn partially.
It added, “Nestoil stays absolutely operational throughout all enterprise traces. Our subsidiaries, tasks, and commitments within the oil, gasoline, energy, and infrastructure sectors proceed with out disruption. Proactive measures have been carried out to guard our workforce, maintain operations, and uphold our obligations to shoppers and companions.”
The corporate assured shoppers, companions, and stakeholders of its monetary stability and dedication to ongoing oil and gasoline tasks, describing the event as a brief procedural step in a business dispute.
Nestoil Group expressed confidence that the problem can be resolved quickly by way of lawful and constructive engagement.
What it is best to know
On Tuesday, armed officers of the Nigeria Police Power sealed Nestoil’s headquarters on Akin Adesola Avenue, Victoria Island, Lagos, following a Federal Excessive Court docket order authorising the enforcement of a receivership in opposition to the corporate and its associates.
The order was reportedly issued by Justice D. I. Dipeolu of the Federal Excessive Court docket, Lagos Division, on October 22, 2025, after First Trustees Restricted and FBNQuest Merchant Bank Restricted accused Nestoil, Neconde Power Restricted, and their promoters, Ernest and Nnenna Azudialu-Obiejesi, of defaulting on credit score services totalling $1.01 billion and N430 billion.
- The courtroom granted a Mareva injunction freezing the bank accounts and shares of the defendants throughout greater than 20 monetary establishments in Nigeria, together with GTBank, Citibank, Fidelity Bank, Stanbic IBTC, Polaris Bank, Opay, and others.
- Justice Dipeolu additionally authorised the appointment of a receiver-manager, Abubakar Sulu-Gambari (SAN), to take possession of Nestoil’s Victoria Island workplace and its related property.
- The injunction additional empowered the receiver to imagine management of Neconde Power’s curiosity in Oil Mining Lease (OML) 42, operated collectively with the Nigerian Nationwide Petroleum Firm Restricted (NNPCL).
The Nigerian Upstream Petroleum Regulatory Fee (NUPRC) and NNPCL had been directed to grant the receiver entry to handle manufacturing and income flows from the oil block.
The case was adjourned to November 7, 2025, for the listening to of the substantive movement on discover.
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