Receiver takes over Nestoil as court overturns earlier order 

There was fresh drama on Victoria Island, Lagos, on Monday after police and a court-appointed receiver stormed the corporate offices of Nestoil Limited, following a new order from the court of appeal.

The takeover came just days after a federal high court had placed the oil and gas firm under receivership over a staggering $2 billion debt owed to a consortium of lenders. But in a twist typical of Nigeria’s legal back-and-forth, Nestoil and its sister firm, Neconde Energy, had rushed to secure another injunction asking the receiver to pause action.

In a motion filed on November 26, FBN Merchant Bank Ltd and First Trustees returned to the appellate court, asking for a “restorative injunction” to undo all steps taken based on the earlier high court ruling.

Justice Yargata Nimpar of the appeal court agreed and immediately reversed every prior move that halted the receivership, clearing the way for Monday’s occupation of Nestoil headquarters.

The appeal court also stopped any interference with the receiver’s work and put further proceedings at the lower court on hold. Hearing on the substantive motion is now fixed for December 4, 2025.

On October 22, Justice D.I. Dipeolu of the federal high court had issued a Mareva injunction freezing Nestoil and Neconde’s assets and blocking dealings in over $1.01 billion and N430 billion  debts calculated as at September 30.

The ruling also highlighted additional obligations personally guaranteed by the group’s promoter, Ernest Azudialu-Obiejesi, running into more than N366.8 billion and tens of millions of dollars owed to Access Bank, First Bank and Zenith Bank.

The companies later returned to court to set aside that Mareva order, setting the stage for the legal fireworks now playing out.