Police have shut the corporate headquarters of Nestoil Limited in Lagos, after the company was placed under receivership by a consortium of lenders over a reported $1 billion debt.

A federal high court in Lagos had issued an order of Mareva authorising First Trustees and its subsidiary, FBNQuest Merchant Bank, to take over the company’s assets, on October 22, 2025.

Justice D. I. Dipeolu, who presided over the case, 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.

The listed financial institutions are to seize the assets of the defendants while the substantive case will be heard in November 2025 while Dipeolu restrained dealings in the sum of $1,012,608,386.91 and N430,014,064,380.77 — the total indebtedness as of September 30, 2025.

Also, there were other debts guaranteed by Azudialu-Obiejesi, with more than N366.8 billion, $61.2 million, $152 million, and N10.4 billion.

However, reacting, Nestoil Group said: “The situation relates to a commercial matter currently before the courts, which 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. Constructive discussions are ongoing, and we remain confident that these engagements will result in a fair and lasting resolution.

“Nestoil remains fully operational across all business lines. Our subsidiaries, projects, and commitments in the oil, gas, power, and infrastructure sectors continue without disruption.

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