Nestoil Group has said its operations remain fully functional despite the court-ordered sealing of its Lagos head office by security operatives.
The Group made the clarification following the sealing of its headquarters in Victoria Island over a debt dispute involving FBNQuest Merchant Bank Limited and First Trustees Limited, both subsidiaries of First Bank of Nigeria Limited.
In a statement issued on Tuesday, Nestoil Group said the closure of its Victoria Island office did not affect business continuity across its subsidiaries and project sites.
It added that staff were working remotely and operations were continuing as normal while it engaged relevant authorities and parties to resolve the matter through legal channels.
“Nestoil Group (“the Group”) acknowledges recent media reports regarding certain enforcement actions and the status of its corporate assets. We wish to provide the following clarifications to our stakeholders, partners, and the general public:
“Nestoil is aware of the reports and ongoing legal processes referenced in the media. The situation relates to a commercial matter currently before the courts, which is being addressed through appropriate legal and regulatory channels,” the statement read in part.
It added, “Nestoil remains fully operational across all business lines. Our subsidiaries, projects, and commitments in the oil, gas, power, and infrastructure sectors continue without disruption. Proactive measures have been implemented to protect our workforce, sustain operations, and uphold our obligations to clients and partners.”
The company assured clients, partners, and stakeholders of its financial stability and commitment to ongoing oil and gas projects, describing the development as a temporary procedural step in a commercial dispute.
Nestoil Group expressed confidence that the issue would be resolved soon through lawful and constructive engagement.
What you should know
On Tuesday, armed officers of the Nigeria Police Force sealed Nestoil’s headquarters on Akin Adesola Street, Victoria Island, Lagos, following a Federal High Court order authorising the enforcement of a receivership against the company and its affiliates.
The order was reportedly issued by Justice D. I. Dipeolu of the Federal High Court, Lagos Division, on October 22, 2025, after First Trustees Limited and FBNQuest Merchant Bank Limited accused Nestoil, Neconde Energy Limited, and their promoters, Ernest and Nnenna Azudialu-Obiejesi, of defaulting on credit facilities totalling $1.01 billion and N430 billion.
- The court granted a Mareva injunction freezing the bank accounts and shares of the defendants across more than 20 financial institutions in Nigeria, including GTBank, Citibank, Fidelity Bank, Stanbic IBTC, Polaris Bank, Opay, and others.
- Justice Dipeolu also authorised the appointment of a receiver-manager, Abubakar Sulu-Gambari (SAN), to take possession of Nestoil’s Victoria Island office and its associated assets.
- The injunction further empowered the receiver to assume control of Neconde Energy’s interest 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 directed to grant the receiver access to manage production and revenue flows from the oil block.
The case was adjourned to November 7, 2025, for the hearing of the substantive motion on notice.
