Nigerian banks have taken control of Nestoil Limited and placed the company under receivership following a $1 billion debt crisis.
Nigerian banks have taken over Nestoil Limited and placed the company under receivership over an alleged debt of $1 billion. The move prompted police officers to seal the firm’s headquarters in Victoria Island, Lagos.
A Federal High Court in Lagos, on October 22, 2025, issued a Mareva injunction authorising First Trustees and its subsidiary, FBNQuest Merchant Bank, to take control of Nestoil’s assets. Justice D. I. Dipeolu granted the order against Nestoil Limited, Neconde Energy Limited, and their promoters, Ernest and Nnenna Obiejesi.
The court also directed several banks to freeze the defendants’ assets, restraining dealings in $1,012,608,386.91 and N430,014,064,380.77 — the total debt as of September 30, 2025.
Other debts personally guaranteed by Azudialu-Obiejesi include N366.8 billion, $61.2 million, $152 million, and N10.4 billion owed to Access Bank, First Bank, and Zenith Bank. The case is scheduled for hearing next month.