Alleged $1bn Debt: Nigerian Banks Take Over Nestoil




For the receivership of debt amounting to $1 billion, Nigerian banks have taken over Nestoil Limited.

The development led to the Nigeria Police Force sealing off the corporate headquarters of Nestoil Limited in Victoria Island, Lagos.

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

Justice D. I. Dipeolu issued the injunction against the defendants — Nestoil Limited and its affiliate, Neconde Energy Limited, as well as Ernest Azudialu-Obiejesi and Nnenna Obiejesi, the principal promoters.

Also listed 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.

Others are 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.

The court injunction mandates that all the listed banks are to freeze the assets of the defendants while the substantive case will be heard next month.

Justice Dipeolu restrained dealings in the sum of $1,012,608,386.91 and N430,014,064,380.77—the total indebtedness as of September 30, 2025.

Also there were 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.


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