‘Our Operations Remain Unaffected’ — Nestoil Says It’s Working with Lenders to Resolve Debt Dispute

Nestoil Group has assured stakeholders that its operations remain fully functional despite the enforcement action carried out against its assets by a consortium of lenders.

Earlier on Tuesday, police officers sealed the company’s headquarters in Victoria Island, Lagos, following a Federal High Court order placing Nestoil Limited under receivership over an alleged $1 billion debt. The order, issued on October 22, 2025, by Justice D. I. Dipeolu of the Federal High Court, Lagos Division, authorised First Trustees Limited and its subsidiary, FBNQuest Merchant Bank, to take over Nestoil’s assets. The injunction also named Nestoil’s affiliate, Neconde Energy Limited, as well as the company’s principal promoters, Ernest Azudialu-Obiejesi and Nnenna Obiejesi, as defendants.

In a statement released via LinkedIn on Tuesday, Nestoil described the enforcement as a commercial matter currently before the court, noting that it is being addressed through appropriate legal and regulatory channels.

“The Group continues to cooperate fully with all relevant authorities and financial partners to resolve any outstanding matters in a transparent and responsible manner,” the company said. “Constructive discussions are ongoing, and we remain confident that these engagements will result in a fair and lasting resolution.”

The firm added that it remains fully operational across all sectors, including oil, gas, power, and infrastructure. “Our subsidiaries, projects, and commitments continue without disruption,” Nestoil stated. “Proactive measures have been implemented to protect our workforce, sustain operations, and uphold our obligations to clients and partners.”

Nestoil assured stakeholders that it remains financially strong and operationally stable despite recent developments, and pledged to provide verified updates as discussions progress.