Nestoil Group has declared that a police seal on its Victoria Island, Lagos headquarters and the receivership of its assets will not disrupt business activities.
The enforcement followed a Federal High Court order issued on October 22, 2025, by Justice D. I. Dipeolu.
The Mareva injunction empowered First Trustees and FBNQuest Merchant Bank to take control of assets belonging to Nestoil Limited, affiliate Neconde Energy Limited, and promoters Ernest Azudialu-Obiejesi and Nnenna Obiejesi, amid a reported $1 billion debt to a lenders’ consortium.
In a LinkedIn statement on Tuesday, Nestoil described the action as a commercial dispute under judicial review and affirmed full cooperation with authorities.
“The Group is addressing the matter through proper legal and regulatory processes,” the company said.
“Ongoing constructive discussions with financial partners give us confidence in a fair resolution.”
Nestoil emphasized that all subsidiaries and projects in oil, gas, power, and infrastructure remain fully operational.
“Proactive steps protect our workforce, maintain service delivery, and honor commitments to clients and partners,” it added.
The Group reassured stakeholders of its financial strength and operational stability, pledging updates only through official channels.
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