Police have sealed off the corporate headquarters of Nestoil Limited in Victoria Island, Lagos, after the company was placed under receivership by a consortium of lenders over a reported $1 billion debt.
A federal high court sitting in Lagos had on October 22, 2025 issued an order of Mareva authorising First Trustees and its subsidiary, FBNQuest Merchant Bank, to take over the company’s assets.
The consortium of Nigerian lenders placed Nestoil Limited, one of the country’s leading oil and gas service companies, under receivership over a debt estimated at $1 billion, over a federal high court order obtained on October 22,2025.
The Federal High Court in Lagos issued a Mareva injunction — a form of asset-freeze order — empowering First Trustees Limited and its subsidiary, FBNQuest Merchant Bank, to take control of Nestoil’s assets.
The injunction, granted by Justice D. I. Dipeolu, was issued against Nestoil Limited, its affiliate Neconde Energy Limited, and their principal promoters, Ernest Azudialu-Obiejesi and Nnenna Obiejesi.
Following the court’s decision, police officers sealed off Nestoil’s corporate headquarters on Victoria Island, Lagos, to enforce the receivership and prevent the movement or disposal of company property.
Dozens of armed police officers enforcing the order to seal off the premises located at 41/42 Akin Adesola Road on Victoria Island.
Members of staff were sent out of the premises as they all watched in bewilderment as the order of possession was being enforced.
Nestoil, founded in 1991 by Ernest Azudialu-Obiejesi, is Nigeria’s largest indigenous Engineering, Procurement, Construction and Commissioning (EPCC) Company in the Oil and Gas sector.
However, the company has reportedly faced liquidity pressures over indebtedness to lenders.
