US EditionNigerian banks take over Nestoil over $1bn debt
A consortium of Nigerian banks placed Nestoil under receivership due to over $1 billion debt, with a court order freezing assets and police sealing the Lagos headquarters.
- On October 22, 2025, a Federal High Court in Lagos issued a Mareva order authorising First Trustees Limited and FBNQuest Merchant Bank to take control of Nestoil Limited's assets after a consortium of Nigerian lenders placed it under receivership over a debt estimated at $1 billion.
- In recent years, Nestoil reportedly faced liquidity pressures, with Justice D. I. Dipeolu restraining dealings in $1,012,608,386.91 and N430,014,064,380.77, including personal guarantees of N366.8 billion, $61.2 million, $152 million, and N10.4 billion.
- Police officers sealed off Nestoil's corporate headquarters at 41/42 Akin Adesola Road, Victoria Island, Lagos, while members of staff were sent out as the Nigeria Police Force enforced the receivership.
- The court injunction requires the listed banks to freeze the assets of Nestoil Limited, Neconde Energy Limited, Ernest Azudialu-Obiejesi, and Nnenna Obiejesi while the substantive case will be heard next month.
- Filings list multiple financial institutions including Standard Chartered Bank Nigeria, Sterling Bank Plc, Titan Trust Bank Limited, Unity Bank Plc, Wema Bank Plc, Citibank Limited, Central Securities and Clearing Systems Plc, Fidelity Bank Plc and Guaranty Trust Bank Plc.
14 Articles
14 Articles
Banks Seize Nestoil Over $1bn Debt
A consortium of Nigerian lenders has placed Nestoil Limited, one of the country’s leading oil and gas service companies, under receivership over a debt estimated at $1 billion. The development followed a federal high court order obtained on October 22,2025. The Federal High Court in Lagos issued a Mareva injunction — a form of asset-freeze order — empowering First Trustees Limited and its subsidiary, FBNQuest Merchant Bank, to take control of Ne…
Police seal Nestoil headquarters as First Trustees seizes assets owned by firm, Azudialu-Obiejesi
Justice Dipeolu granted multiple orders freezing Nestoil bank accounts and shares across more than 20 financial institutions in Nigeria, including Citibank, GTBank, Fidelity Bank, Stanbic IBTC, Polaris Bank, Opay, and others.
How Nestoil fell into $1 Billion Debt Crisis as Court Orders Receivership, Freezes Assets
Nestoil’s Fall Under Receivership: The Anatomy of a Corporate Debt Storm Nigeria’s oil and gas engineering giant, Nestoil Limited, has come under intense financial scrutiny as a consortium of lenders, led by First Trustees and FBNQuest Merchant Bank, secured a court-ordered receivership over the company and its affiliates. The ruling—granted by Justice D. I. Dipeolu …
Nestoil Under Receivership Over $1b Debt
Advertisements Corporate headquarters of Nestoil Limited in Victoria Island, Lagos,have been sealed off by the Police after the company was placed under receivership by a consortium of lenders over a reported $1 billion debt.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 th…
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