Armed officers of the Nigeria Police Power (NPF) on Tuesday sealed the headquarters of Nestoil Restricted in Victoria Island, Lagos.
The motion adopted a Federal Excessive Court docket order that froze the corporate’s property, bank accounts, and shares over an alleged debt of $1.01 billion and N430 billion owed to FBNQuest Merchant Bank Restricted and First Trustees Restricted, each subsidiaries of First Bank of Nigeria Restricted, in response to a report by Premium Instances.
Movies seen by Nairametrics confirmed police personnel surrounding the corporate’s premises, with a marking on the wall studying “Possession taken by court docket.”
The enforcement adopted a Mareva injunction granted by Justice D. I. Dipeolu of the Federal Excessive Court docket, Lagos Division, on October 22, 2025, authorising the takeover of property belonging to Nestoil Restricted, its affiliate Neconde Power Restricted, and their promoters, Ernest and Nnenna Azudialu-Obiejesi, throughout greater than 20 monetary establishments in Nigeria.
Breakdown of the debt and court docket order
Court docket filings confirmed that the defendants’ complete indebtedness stood at $1,012,608,386.91 and N430,014,064,380.77 as of September 30, 2025. The credit score services have been prolonged to Nestoil Restricted, Neconde Power Restricted, and their associated entities underneath the Obijackson Group, secured by property, shares, and oil area pursuits.
Justice Dipeolu appointed Abubakar Sulu-Gambari (SAN) as receiver-manager, authorising him to take over Nestoil’s places of work at 41/42 Akin Adesola Road, Victoria Island, and every other recognized property inside Nigeria.
The order additionally directed safety companies, together with the Nigeria Police Power, Nigerian Navy, and State Safety Service (SSS), to help in implementing the takeover and securing the corporate’s premises.
Additional enforcement and subsequent listening to
The injunction empowered the receiver to imagine management of Neconde Power’s stake in Oil Mining Lease (OML) 42, collectively operated with the Nigerian Nationwide Petroleum Firm Restricted (NNPCL) and its subsidiaries. The Nigerian Upstream Petroleum Regulatory Fee (NUPRC) and NNPCL have been instructed to grant the receiver entry to handle manufacturing and income flows from the oil block.
The court docket additionally directed all affected monetary establishments to reveal, underneath oath, particulars of funds or investments belonging to Nestoil and its associates inside seven days of being served the order.
The case was adjourned to November 7, 2025, for the listening to of the substantive movement on discover.
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