‘Operations not affected’ — Nestoil says it’s resolving debt issue with lenders

Nestoil Group says the enforcement action against the company’s asset does not affect operations.

Earlier, police sealed off the corporate headquarters of Nestoil Limited in Victoria Island, Lagos, 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 the injunction against the defendants — Nestoil Limited and its affiliate, Neconde Energy Limited, as well as Ernest Azudialu-Obiejesi and Nnenna Obiejesi, the principal promoters.

However, in a statement via LinkedIn on Tuesday, Nestoil Group assured stakeholders of the company’s business continuity, explaining that the enforcement action is a commercial matter currently before the court.

Nestoil said the issue is being addressed through appropriate legal and regulatory channels.

“The Group continues to cooperate fully with all relevant authorities and financial partners to resolve any outstanding matters in a transparent and responsible manner,” the firm said.

“Constructive discussions are ongoing, and we remain confident that these engagements will result in a fair and lasting resolution.”

The group reiterated that Nestoil remains fully operational across all business lines.

“Our subsidiaries, projects, and commitments in the oil, gas, power, and infrastructure sectors continue without disruption,” Nestoil said.

“Proactive measures have been implemented to protect our workforce, sustain operations, and uphold our obligations to clients and partners.”

The company assured stakeholders it remains financially strong and operationally stable despite recent reports, and will provide updates through verified communications. (The Cable)