Police sealed Nestoil’s Lagos headquarters after a court order over a massive debt dispute.
A receiver has taken control as lenders seek repayment involving major oil assets.
There was tension on Tuesday in Victoria Island, Lagos, after armed police officers sealed the headquarters of Nestoil Limited. The action followed a court order linked to a huge debt disagreement involving the company and First Trustees Limited alongside FBNQuest Merchant Bank.
The Federal High Court in Lagos granted the order on October 22, 2025, directing security agencies to help enforce it. Justice D. I. Dipeolu issued the injunction against Nestoil, Neconde Energy and the companies’ promoters, Ernest Azudialu-Obiejesi and Nnenna Obiejesi.
The lenders claim the companies owe over $1.01 billion and ₦430 billion from various loans. As part of the ruling, bank accounts and shares connected to the defendants were frozen across more than 20 financial institutions.
The court appointed senior lawyer Abubakar Sulu-Gambari as the receiver-manager. He has been authorized to take control of Nestoil’s office in Victoria Island and any other listed properties. The order also covers Neconde Energy’s interest in OML 42, a major oil asset operated with NNPCL.
Police officers and other security agencies were seen at the company’s premises, ensuring the enforcement of the order. Staff and visitors were denied entry, creating anxiety around the building.
The receiver-manager is expected to work with regulators to gain full access to the oil asset as the case continues. The matter has been fixed for hearing on November 7.
Nestoil and its promoter have not yet made a public statement on the issue.
