The Victoria Island, Lagos, office of Nestoil Limited has been repossessed by the receiver following a “restorative injunction” by a court of appeal.
It will be recalled that the company had been placed under receivership by a consortium of lenders over a reported $2 billion debt following a federal high court order.
However, Nestoil Limited and its sister company, Neconde Energy Limited, secured another high court injunction asking the receiver to stay action.
In a motion ex-parte dated and filed on November 26, 2025, FBN Merchant Bank Ltd and First Trustees Ltd sought the following order from the court of appeal.
“An order of interim restorative injunction reversing all steps taken by the Respondents and/or persons purporting to act on the instructions of the Respondents and which steps or actions were taken pursuant to the order of the Federal High Court coram Osiagor, J made on the 20th day of November 2025 pending the hearing and determination of the Appellants’ Motion on Notice filed on the 26th day of November 2025.
“An order of interim injunction restraining the Respondents, their agents, servants, affiliates, and privies from interfering with and interrupting the Receiver/Manager in the performance of his duties pending the hearing and determination of the Appellants’ Motion on Notice filed on 26th November 2025.
“An order staying further proceedings at the lower court pending the hearing and determination of the Appellants’ Motion on Notice filed on the 26th November 2025.”
The court of appeal sitting in Lagos and presided over by Yargata Nimpar granted the application and police took over the headquarters of Nestoil on Monday.
The order, dated November 28, 2025, also fixed hearing of the motion on notice for December 4, 2025.
THE COURT BATTLES
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.
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.
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.
However, Nestoil and its principal promoters approach a federal high court to set aside the order of Mareva which was granted before the latest development.
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