These are not the best of times for oil and gas magnate, Ernest Azudialu-Obiejesi, as his company, Nestoil Limited, has reportedly been sealed by armed police officers following a court order linked to an alleged multibillion-dollar debt.
On Tuesday, police operatives sealed Nestoil’s Lagos headquarters after the Federal High Court, Lagos, granted an order permitting First Bank of Nigeria and its subsidiary, FBNQuest Merchant Bank, to take over the company’s assets over alleged defaults on credit facilities exceeding $1.01 billion and ₦430 billion.
The order, issued by Justice D. I. Dipeolu on October 22, 2025, included a Mareva injunction against Nestoil, its affiliate Neconde Energy Limited, and their principal promoters, Ernest Azudialu-Obiejesi and Nnenna Obiejesi.
According to court documents certified by Deputy Chief Registrar, Longs G. Longwa, the police were instructed to assist court bailiffs and the court-appointed receiver/manager, Abubakar Sulu-Gambari (SAN), in executing the order.
The plaintiffs – FBNQuest Merchant Bank Limited and First Trustees Limited- alleged that the defendants were indebted as of September 30, 2025, following multiple credit facilities obtained from the banks.
In addition to authorizing the asset takeover, Justice Dipeolu ordered the freezing of the defendants’ bank accounts and shareholdings across more than 20 financial and corporate institutions, and empowered the receiver/manager to assume control of Nestoil’s headquarters located at 41/42 Akin Adesola Street, Victoria Island, Lagos, as well as other identified assets.
The court also granted the receiver authority over Neconde Energy’s interests in Oil Mining Lease (OML) 42, a joint venture with the Nigerian National Petroleum Company Limited (NNPCL), and directed both the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and NNPCL to cooperate with the receiver in managing production and revenue.
The case has been adjourned to November 7, 2025, for the hearing of the substantive motion.