Nestoil Under Receivership As Banks Take Company Over

By Adesina Soyooye

Nestoil, a company principally promoted by Ernest Azudialu-Obiejesi and Nnenna Obiejesi has been taken over by a consortium of Nigerian Banks and placed under Receivership.

The company is, allegedly, reeling under a  $1bn debt owed

Nigerian banks which have taken it  over and placed  under receivership..

Based on the situation, the Nigeria Police Force on Tuesday, sealed off Nestoil’s  corporate headquarters in Victoria Island, Lagos.

On October 22, 2025, a Federal High Court sitting in Lagos had issued an order of Mareva and authorised First Trustees and its subsidiary, FBNQuest Merchant Bank, to take over the company’s assets.

The injunction against Nestoil Limited and its affiliate, Neconde Energy Limited, as well as Ernest Azudialu-Obiejesi and Nnenna Obiejesi, main promoters  was issued by Justice D. I. Dipeolu.

Listed, also, 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.

There are, also,  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, according to the Court injunction mandates all the listed banks to freeze the assets of the defendants. The substantive case will be heard November.

The Judge restrained dealings in the sum of $1,012,608,386.91 and N430,014,064,380.77. That is the total indebtedness as of September 30, 2025.

There are, also, allegedly, other debts personally guaranteed by Azudialu-Obiejesi, with over N366.8 billion, $61.2 million, $152 million, and N10.4 billion owed to Access Bank, First Bank, and Zenith Bank.