JUST IN: Police Seal Nestoil Headquarters Owned by Ernest Azudialu-Obiejesi as First Bank Enforces Court-Ordered Takeover

Armed police officers on Tuesday sealed the Lagos headquarters of Nestoil Limited, owned by businessman Ernest Azudialu-Obiejesi, following a Federal High Court order authorising First Bank of Nigeria and its subsidiary, FBNQuest Merchant Bank, to take control of the company’s assets over an alleged multibillion-dollar debt default.

The enforcement came after Justice D. I. Dipeolu of the Federal High Court, Lagos Division, issued a Mareva injunction on October 22, 2025, against Nestoil Limited, its affiliate Neconde Energy Limited, and the companies’ promoters, Ernest Azudialu-Obiejesi and Nnenna Obiejesi.

The court order, certified by Deputy Chief Registrar Longs G. Longwa, instructed the Deputy Inspector General of Police (Operations) to assist court bailiffs and the appointed receiver-manager in executing the ruling.

According to filings, FBNQuest Merchant Bank Limited and First Trustees Limited alleged that Nestoil, Neconde Energy, and their directors owed more than $1.01 billion and ₦430 billion as of September 30, 2025, in respect of various credit facilities.

Justice Dipeolu’s order froze the defendants’ bank accounts and shares across over 20 financial and corporate institutions, including Citibank Nigeria, Fidelity Bank, GTBank, Stanbic IBTC, and Standard Chartered Bank. The court also authorised the plaintiffs’ appointed receiver-manager, Abubakar Sulu-Gambari (SAN), to take possession of Nestoil’s headquarters at 41/42 Akin Adesola Street, Victoria Island, Lagos, and other identified assets.

Security agencies including the Nigeria Police Force, Nigerian Navy, and the State Security Service were directed to assist in enforcing the asset takeover. The receiver was further empowered to assume control of Neconde Energy’s interests in Oil Mining Lease (OML) 42, operated jointly with the Nigerian National Petroleum Company Limited (NNPCL).

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and NNPCL were instructed to grant the receiver access to the oil block and cooperate in managing production and revenue.

The case has been adjourned to November 7, 2025, for hearing. As of press time, neither Nestoil nor Mr Azudialu-Obiejesi had issued an official response to the court’s order or the sealing of the company’s premises.