A consortium of Nigerian banks has placed Nestoil Limited, one of the country’s leading oil and gas service firms, under receivership following a debt dispute estimated at $1 billion. The takeover followed a Federal High Court order obtained on October 22, 2025, in Lagos. Justice D. I. Dipeolu granted a Mareva injunction, an asset-freeze order, […]

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.