Ernest Azudialu-Obiejesi, Nigerian oil magnate is currently facing hard times as a consortium of Nigerian banks has seized his Nestoil Towers, over an alleged estimated $1 billion debt.
The move followed a Federal High Court order issued on October 22, 2025, granting a Mareva injunction—an asset-freeze order—empowering First Trustees Limited and its subsidiary, FBNQuest Merchant Bank, to take control of Nestoil’s assets.
The injunction, granted by Justice D. I. Dipeolu of the Federal High Court in Lagos, was issued against Nestoil Limited, its affiliate Neconde Energy Limited, and the company’s principal promoters, Ernest Azudialu-Obiejesi and Nnenna Obiejesi.
Following the court’s ruling, armed police officers sealed off Nestoil’s corporate headquarters at 41/42 Akin Adesola Road, Victoria Island, Lagos, to enforce the receivership and prevent the movement or disposal of company assets.
Eyewitnesses said staff members were ordered out of the premises as police executed the possession order.
The court action arose from a debt claim filed by FBNQuest Merchant Bank Limited and First Trustees Limited against Nestoil Limited, Neconde Energy Limited, and their directors. The plaintiffs alleged that the companies and their promoters owed over $1.01 billion and ₦430 billion as of 30 September 2025, in respect of various credit facilities.
Justice Dipeolu granted multiple orders freezing the defendants’ bank accounts and shares across more than 20 financial and other institutions in Nigeria, including Citibank Nigeria 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, Stanbic IBTC Bank Limited, Standard Chartered Bank Nigeria Limited, Sterling Bank PLC, Titan Trust Bank Limited, Unity Bank PLC, Wema Bank PLC, Gobowen Exploration and Production Limited, Hammako Consortium Limited, Krawcod Properties Limited, Santa Spring Oil and Gas Limited, Marine & Ocean Infinity Nigeria Limited, and White Dove Shipping Co. Ltd.
The court further authorised Abubakar Sulu-Gambari (SAN), the receiver/manager appointed by the plaintiffs, to take over Nestoil’s headquarters located at 41/42 Akin Adesola Street, Victoria Island, Lagos, along with other identified assets.
In addition to freezing Nestoil’s assets and those of its subsidiaries, the court directed multiple security agencies, including the Nigeria Police Force, the Nigerian Navy, and the State Security Service (SSS), to provide protection and assist in enforcing the takeover.
The order also empowered the receiver/manager to assume control of Neconde Energy’s interests in Oil Mining Lease (OML) 42, which is jointly operated with the Nigerian National Petroleum Company Limited (NNPCL) and its subsidiaries.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and NNPCL were further instructed to grant the receiver access to the oil block and cooperate in managing production and revenue flows.
The Federal High Court adjourned the case to 7 November 2025 for the hearing of the substantive motion on notice.
As of press time, neither Nestoil nor Mr. Azudialu-Obiejesi had publicly commented on the court order or the sealing of the company’s premises.
The company has reportedly faced severe liquidity challenges in recent years, linked to mounting debts owed to several lenders.
Ernest Azudialu-Obiejesi established Nestoil in 1991, an EPCC company specializing in pipeline construction and related facilities, which has become Nigeria’s largest indigenous EPCC company in the oil and gas sector.
Azudialu-Obiejesi also founded Neconde Energy Limited, which operates OML 42. He is the founder and chairman of the Obijackson Foundation, which focuses on education, empowerment, skill acquisition, infrastructure, healthcare, and cultural enrichment in Nigeria.
He holds a doctorate in Business Administration from the International School of Management in Paris.
