Police seal Nestoil headquarters as First Trustees seizes assets owned by firm, Azudialu-Obiejesi

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

The enforcement followed a directive issued by Justice D. I. Dipeolu of the Federal High Court, Lagos Division, on 22 October 2025, granting a Mareva injunction against Nestoil Limited and its affiliate, Neconde Energy Limited, as well as their principal promoters, Ernest Azudialu-Obiejesi and Nnenna Obiejesi.

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The order, certified by the court’s Deputy Chief Registrar, Longs G. Longwa, and addressed to the Deputy Inspector General of Police (Operations), instructed the police to assist court bailiffs and the appointed receiver-manager in enforcing the ruling.

“Pursuant to the Order of this Honourable Court dated 22 October 2025, you are requested to kindly use your good office to assist the Bailiffs of this Court in executing the attached copy of Court Order,” the registrar’s letter to police authorities stated.

Nestoil and a multibillion-dollar debt

The court action stemmed from a debt claim by FBNQuest Merchant Bank Limited and First Trustees Limited against Nestoil, Neconde Energy, and their directors. The plaintiffs alleged that the companies and their promoters owed more than $1.01 billion and ₦430 billion as of 30 September 2025, in respect of various credit facilities.

Justice Dipeolu granted multiple orders freezing the defendants’ bank accounts and shares across more than 20 financial and other institutions in Nigeria, including Citibank Nigeria Limited, Central Securities and Clearing Systems PLC, Fidelity Bank PLC, Guaranty Trust Bank PLC, Globus Bank Limited, Keystone Bank Limited, Opay Limited, Polaris Bank Limited, Providus Bank Limited, Stanbic IBTC Bank Limited, Standard Chartered Bank Nigeria Limited, Sterling Bank PLC, Titan Trust Bank Limited, Unity Bank PLC, Wema Bank PLC, Gobowen Exploration and Production Limited, Hammako Consortium Limited, Krawcod Properties Limited, Santa Spring Oil and Gas Limited, Marine & Ocean Infinity Nigeria Limited and White Dove Shipping Co. Ltd.

The court also authorised Abubakar Sulu-Gambari (SAN), the receiver/manager appointed by the plaintiffs, to take over Nestoil’s headquarters located at 41/42 Akin Adesola Street, Victoria Island, Lagos, and other identified assets.

In addition to freezing Nestoil’s assets as well as those of its subsidiaries, the court directed multiple security agencies, including the Nigeria Police Force, the Nigerian Navy, and the State Security Service (SSS), to provide protection and assist in enforcing the takeover.

The order also empowered the receiver/manager to assume control of Neconde Energy’s interests in Oil Mining Lease (OML) 42, jointly operated with the Nigerian National Petroleum Company Limited (NNPCL) and its subsidiaries.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and NNPCL were also instructed to grant the receiver access to the oil block and cooperate in managing production and revenue flows.

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The Federal High Court adjourned the case to 7 November 2025 for the hearing of the substantive motion on notice.

As of press time, neither Nestoil nor Mr Azudialu-Obiejesi had publicly commented on the court order or the sealing of the company’s premises.

BELOW ARE THE ORDERS GRANTED BY THE COURT

1. That Motion Ex-parte dated 15th October,
2025 and filed on 20* October, 2025 succeeds in part, prayers 1 and 2, 4 – 10 are granted. Prayer 3 is refused.

2. That an Order of Mareva Injunction is
hereby made restraining the 1s and 2nd
Defendants, their agents and servants from
operating, or dealing with the 1″ and 2d Defendants’ funds or shares in the Affected Party, banks or financial Institution within Nigeria, up to the amount claimed by the Plaintiffs/Applicants in the sum of USS1,012,608,386.91 (One Billion Twelve Million Six Hundred and Eight Thousand Three Hundred and Eighty- Six United Stated Dollars Nine One Cents) and NGN430,014,064,380.77 Four Hundred and Thirty Billion Fourteen Million Sixty-Four Thousand Three Hundred and Eighty Naira Seven- Seven kobo being the outstanding
indebtedness of the Defendants as of 30th
September 2025 in respect of the 1st Defendant’s indebtedness, pending the hearing and determination of the Motion on Notice.

3. That an Order of Mareva Injunction is
hereby made restraining the 3rd and 4th
Defendants, their agents and servants from
operating, or dealing with their accounts, funds and shares, and in particular, associated with BVN: 22249223297 and 22182186684 in any of the Affected Parties, banks, financial institutions and related companies, up to the sums of:

a. NGN366,797,069,094.48 (Three Hundred and Sixty-Six Billion, Seven Hundred and Ninety-Seven Million, and Sixty-Nine Thousand, and Ninety- Four Naira Four Eight Kobo) and
US$61,213,667.57 (Sixty-One Million, Two Hundred and Thirteen Thousand, Six Hundred and Sixty-Seven United States Dollars Five Seven Cents) being the amount personally guaranteed by the 3rd Defendant for the j$t Defendant’s indebtedness to Access Bank Ple as of 30″h September 2025.

b. $152,031,856.21 (One Hundred Fifty-Two Million Thirty-One Thousand Eight Hundred Fifty-Six Dollars and Twenty-One Cents) being the amount personally guaranteed by the 3rd and 4th Defendants for the 15 Defendant’s
indebtedness to First Bank Nigeria Limited as of 30* September 2025; c. N10,430,376,065.92 (Ten Billion, Four Hundred Thirty Million,Three Hundred and Seventy-Six Thousand, and Sixty-Five Naira Ninety-Two Kobo and $213,829,487.61 (Two Hundred Thirteen Million Eight Hundred Twenty-Nine Thousand Four Hundred Eighty-Seven Dollars and Sixty-One Cents) being the amount personally guaranteed by the 3d Defendant for the 1s Defendant’s indebtedness to Zenith Bank Plc as of 30* September 2025;

d. $62,493,290.19 (Sixty-Two Million Four Hundred Ninety-Three Thousand Two Hundred Ninety Dollars and Nineteen Cents) being the amount personally guaranteed by the 3rd Defendant for the 15 Defendant’s indebtedness to Union Bank Plc as of 30th September 2025.

Totaling $485,668,638.83 (Four Hundred Eighty-Five Million Six Hundred Sixty-Eight Thousand Six Hundred Thirty-Eight Dollars and Eighty-Three Cents) and N389,926,180,446.69 (Three Hundred and Eighty-Nine Billion, Nine Hundred
a n d Twenty-Six Million, One Hundred and Eighty Thousand, Four Hundred and Forty-Six Naira Sixty-Nine Kobo), pending the hearing and determination of the Motion on Notice.

4. That an order is hereby made granting
leave to the Receiver/Manager to take over
the 1st Defendant’s office situate at 41/42,
Akin Adesola Street, Victoria Island, Lagos
State and/or any other asset of the 15
Defendant wherever it may be found within
the jurisdiction of this Court, and to
preserve all the assets/properties of the 1st
Defendant by virtue of the Deed of
Appointment dated the 21» of August 2025,
pending the hearing and determination of
the Motion on Notice.

5. That an order is hereby made granting
leave to the Receiver/Manager to take over
the 2nd Defendant’s office situate at 41/42
Akin Adesola Street, Victoria Island,
Lagos; any other asset of the 2’* Defendant
wherever it may be found within the
jurisdiction of this Court; and/or the 2nd
Defendant’s interest in OML 42 JV by
virtue of the Deed of Appointment dated
the 21″ of August 2025, pending the
hearing and determination of the Motion on
Notice.

6. That an order is hereby made directing the
Inspector General of Police; the Assistant
Inspector-General of Police in Charge of
Lagos (Zone 2); Port Harcourt (Zone 6) and
Abuja, Federal Capital Territory (Zone 7),
respectively, the Commissioners of Police,
Lagos State, Rivers State and the Federal
Capital Territory, respectively, and other
officers under their control, to provide
security and to assist the Receiver/Manager
appointed by the 2nd Plaintiff and the
Bailiff of this Honourable Court for the
purpose of enforcing and executing the
Orders made herein regarding all the 15t
Defendant’s assets covered by the Al
Assets Debenture and the 2″d Defendant’s
assets and/or interest in OML 42 JV stated
in the Deed of Charge dated 8th December
2022.

7. That an order is hereby made directing
officers of the Nigerian Navy, Directorate
of States Security Services, and the Marine
Police to render necessary assistance to the
2nd Plaintiff and the Receiver/Manager to
take over the 1″ Defendant’s assets and 2nd
Defendants stake in OML 42 JV Activities
and all the assets herein in the exercise of
his functions under the Deeds of
Appointment dated 21″ August 2025.

8. That an order is hereby made directing the
Nigerian Upstream Petroleum Regulatory
Commission (NUPRC), NNPC Exploration
and Production Limited, NNPC Upstream
Investment Management Services Limited
(formerly National Petroleum Investment
Management Services – NAPIMS),
Nigerian Petroleum Development Company Limited and Nigerian National Petroleum Company Limited to grant Mr. Abubakar Sulu-Gambari SAN, the Receiver/Manager, access to OML 42 (and OML 42 JV); cooperate with the Receiver in the exploitation, production and sale of gas and other hydrocarbons; and cooperate
with the Receiver in exercise of the rights
and receiving the benefits, interest, claims
and proceeds of payment and receivables due from OML 42 JV, OML 42 JV Activities and OML 42 JV Contracts; all in the exercise of his functions under the Deed of Appointment dated 21» August 2025.

9. That an order is hereby made granting leave to the Receiver/Manager to publish the prescribed, statutory and procedural Notices depicting the current status of the and 2nd Defendants (now in receivership) as may be deemed fit in any Daily or Nationally circulated Newspaperin Nigeria.

10. That an order is hereby made directing and/or compelling the Affected Parties
harboring the Defendants’ shares, assets, bonds, funds howsoever described, whether held directly by the Defendants or via proxy, to depose on Oath the shares, assets, investments, sums etc., standing to the credit of the Defendants in their custody within 7 days from being served with a copy of the Order of Court.

11. That the Plaintiffs/Applicants shall file a duly worded undertaking to indemnify the Defendant in the event that this order ought not to have been granted.

12. That case is adjourned to 7ih November,
2025 for hearing of the Motion on Notice.

ISSUED AT LAGOS under the seal of this
court and the hand of the Presiding Judge this
22nd day of October, 2025.