Banks place Nestoil under receivership over $1b debt
by Adeola Balogun · The Eagle OnlinePolice have sealed off the corporate headquarters of Nestoil Limited in Victoria Island, Lagos, after the company was placed under receivership by a consortium of lenders over a reported $1 billion debt.
A Federal High Court sitting in Lagos had on October 22, 2025 issued an order of Mareva authorising First Trustees and its subsidiary, FBNQuest Merchant Bank, to take over the company’s assets.
Justice D. I. Dipeolu issued the injunction against the defendants — Nestoil Limited and its affiliate, Neconde Energy Limited, as well as Ernest Azudialu-Obiejesi and Nnenna Obiejesi, the principal promoters.
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.
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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.
All the listed banks are to freeze the assets of the defendants while the substantive case will be heard next month.