Nigerian banks have taken over and placed Nestoil Limited under receivership over alleged debt amounting to $1 billion.
On October 22, 2025, a federal high court in Lagos issued a Mareva ruling allowing First Trustees and its subsidiary, FBNQuest Merchant Bank, to assume control of the company’s assets.
The injunction was imposed by Justice D. I. Dipeolu against the defendants, who included the major promoters, Ernest Azudialu-Obiejesi and Nnenna Obiejesi, as well as Nestoil Limited and its affiliate, Neconde Energy Limited.
Listed as “affected parties” in the suit are Citibank 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 and Stanbic IBTC Bank Limited.
Others are Standard Chartered Bank Nigeria, Sterling Bank Plc, Titan Trust Bank Limited, Unity Bank Plc, Wema Bank Plc, Gobowen Exploration and Production Limited, Hammakopp Consortium Limited, Krawcod Properties Limited, Santa Spring Oil and Gas Limited, Marine & Ocean Infinity Nigeria Limited and White Dove Shipping Co Ltd.
The defendants’ assets are to be frozen by all listed institutions until the substantive matter is heard next month.
Justice Dipeolu restrained dealings in the sum of $1,012,608,386.91 and N430,014,064,380.77—the total indebtedness as of September 30, 2025.
Azudialu-Obiejesi also personally guaranteed other debts to Access Bank, First Bank, and Zenith Bank totalling more than N366.8 billion, $61.2 million, $152 million, and N10.4 billion.
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