Police seal Nestoil headquarters as Nigerian court places the oil and gas firm under receivership over $1.01 billion and ₦430 billion in unpaid debts.
Nigerian oil and gas company Nestoil Limited has been placed under receivership after a consortium of lenders moved to recover debts totaling more than $1 billion, prompting police to seal off its corporate headquarters in Victoria Island, Lagos.
A Federal High Court in Lagos issued the order on Wednesday October 22, 2025, authorising First Trustees and its investment subsidiary FBNQuest Merchant Bank to take control of the company’s assets pending further legal proceedings.
The order, known as a Mareva injunction, was granted by Justice D. I. Dipeolu against Nestoil Limited, its affiliate Neconde Energy Limited, and the company’s principal promoters, Ernest Azudialu-Obiejesi and Nnenna Obiejesi. The ruling effectively freezes the assets of the defendants while the substantive case is set to be heard next month.
Court filings show that the total indebtedness as of Tuesday September 30, 2025, stood at $1,012,608,386.91 and ₦430,014,064,380.77. The injunction also extends to several personal and corporate guarantees tied to Nestoil’s obligations.
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The court directed a broad list of commercial banks and financial institutions to freeze the assets of the defendants. These include Citibank, Fidelity Bank, Guaranty Trust Bank, Keystone Bank, Stanbic IBTC Bank, Standard Chartered, Wema Bank, and Polaris Bank, among others.
In addition, companies linked to the Nestoil group — such as 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 — were listed as affected parties in the court documents.
Separate filings reveal additional debts personally guaranteed by Ernest Azudialu-Obiejesi, including more than ₦366.8 billion, $61.2 million, $152 million, and ₦10.4 billion owed collectively to Access Bank, First Bank, and Zenith Bank.
The receivership marks one of the most significant debt recovery actions in Nigeria’s oil and gas sector this year, underscoring mounting financial strain among energy firms amid tighter credit conditions and rising operational costs.
Neither Nestoil nor its promoters have yet issued an official response to the court order or the receivership proceedings.