Security operatives have taken control of Nestoil Limited’s corporate headquarters in Victoria Island, Lagos, following a receivership action initiated by a group of lenders over an alleged $1 billion debt.
This move comes after the Federal High Court in Lagos, on October 22, 2025, issued a Mareva injunction empowering First Trustees and its subsidiary, FBNQuest Merchant Bank, to assume possession of the company’s assets.
Justice D. I. Dipeolu issued the injunction against Nestoil Limited and its affiliate, Neconde Energy Limited, as well as Ernest Azudialu-Obiejesi and Nnenna Obiejesi, the principal promoters.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.
