BREAKING: NESTOIL PLACED UNDER RECEIVERSHIP AS BANKS MOVE TO RECOVER $1 BILLION DEBT

By Ademola Adekusibe
October 29, 2025

Armed police officers have taken control of the headquarters of Nestoil Limited in Victoria Island, Lagos, after the company was placed under receivership by a consortium of banks seeking to recover a debt reportedly worth $1 billion.

The development follows a ruling by the Federal High Court in Lagos, which on October 22, 2025, granted a Mareva injunction empowering First Trustees and its subsidiary, FBNQuest Merchant Bank, to assume control of Nestoil’s assets pending debt recovery proceedings.

The order, issued by Justice D. I. Dipeolu, also affected Neconde Energy Limited, an affiliate of Nestoil, as well as its principal promoters, Ernest Azudialu-Obiejesi and Nnenna Obiejesi.

The receivership marks a significant turning point for Nestoil, one of Nigeria’s leading indigenous oil and gas service firms, and signals heightened pressure on the company to address its financial obligations.

Industry sources say the takeover could lead to a full-scale audit of Nestoil’s operations and asset base as lenders move to recover their outstanding exposure.