Police seal Nestoil headquarters as First Trustees seizes assets owned by firm, Azudialu-Obiejesi over alleged $1.01 billion and ₦430 billion debt

Armed police officers on Tuesday sealed the Lagos headquarters of Nestoil Limited following a Federal High Court order authorising First Trustees and its subsidiary, FBNQuest Merchant Bank, to take over the company’s assets over an alleged multibillion-dollar debt default.

Justice D. I. Dipeolu of the Federal High Court, Lagos Division, issued the Mareva injunction on October 22, 2025, against Nestoil Limited, Neconde Energy Limited, and their promoters, Ernest Azudialu-Obiejesi and Nnenna Obiejesi. The order, certified by the court’s Deputy Chief Registrar, Longs G. Longwa, directed the Deputy Inspector General of Police to assist court bailiffs and the receiver-manager in enforcing the ruling.

FBNQuest Merchant Bank and First Trustees Limited alleged that Nestoil and its affiliates owed over $1.01 billion and ₦430 billion as of September 30, 2025, in relation to various credit facilities. The court also froze the defendants’ accounts and shares in over 20 banks and firms, including GTBank, Fidelity Bank, Stanbic IBTC, Wema Bank, Citibank, and Standard Chartered.

The court authorised Abubakar Sulu-Gambari (SAN), the appointed receiver/manager, to take over Nestoil’s headquarters at 41/42 Akin Adesola Street, Victoria Island, Lagos, and other identified assets. Security agencies including the Nigeria Police Force, Nigerian Navy, and State Security Service (SSS) were directed to assist in enforcing the order.

The ruling also empowered the receiver to assume control of Neconde Energy’s stake in OML 42, operated jointly with NNPCL, with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) instructed to grant access and cooperation.

The case was adjourned to November 7, 2025, for hearing. As of press time, neither Nestoil nor Mr Azudialu-Obiejesi had commented on the court order.