The {financial} troubles plaguing Nestoil Restricted intensified on Monday after its company headquarters in Victoria Island, Lagos, was taken over by a court-appointed receiver performing on the authority of FBNQuest Service provider {Bank}. The event follows a recent ruling from the Court docket of Attraction in Lagos, signalling a significant escalation within the years-long battle between the oil and gasoline companies group and a consortium of collectors.
Safety operatives had been seen on Monday imposing the takeover order on the firm’s places of work, a transfer backed by a “restorative injunction” issued by the appellate courtroom. The choice successfully reinstated the receivership earlier granted by a Federal Excessive Court docket earlier than it was briefly halted by one other excessive courtroom order obtained by Nestoil and its sister firm, Neconde Power Restricted.
The dispute traces again to Nestoil’s mounting debt profile, reportedly exceeding $2 billion, owed to a number of lenders. First Trustees and FBNQuest Service provider {Bank} had beforehand secured a Mareva injunction on October 22, 2025, allowing them to freeze the corporate’s belongings and transfer in to guard their curiosity. That order, granted by Justice D.I. Dipeolu, additionally restricted any transactions involving greater than $1 billion and over N430 billion mentioned to be excellent as of September 30.
Further services personally assured by the corporate’s founder, Dr. Ernest Azudialu-Obiejesi, had been additionally listed by the courtroom, together with obligations to Entry {Bank}, First {Bank}, and Zenith {Bank} working into a whole lot of billions of naira and tens of hundreds of thousands of {dollars}.
However in a twist late final month, Nestoil and Neconde approached a separate division of the Federal Excessive Court docket in search of reliefs to cease the enforcement of the Mareva injunction. That ruling briefly stalled the receiver, prompting FBNQuest Service provider {Bank} and First Trustees to move to the Court docket of Attraction.
Of their ex-parte utility filed on November 26, the appellants requested the appellate courtroom to reverse all actions taken by Nestoil underneath the suspended enforcement and to restrain the oil firm, its brokers, and associates from obstructing the receiver-manager’s work.
Justice Yargata Nimpar, presiding over the attraction, agreed with the candidates and granted the restorative injunction on November 28. The courtroom additionally stayed additional proceedings on the decrease courtroom and glued December 4, 2025, for listening to of the substantive movement.
With Monday’s enforcement, the long-running industrial dispute has entered a brand new part, elevating recent questions on the way forward for considered one of Nigeria’s most outstanding indigenous oil and gasoline contractors. The corporate has but to concern an official assertion following the repossession of its headquarters.