The receiver-manager appointed by FBN Quest Merchant Bank Limited and First Trustees Limited to enforce the takeover of Nestoil Limited’s assets over an alleged multi-billion-dollar debt default has repossessed the Lagos headquarters of the company following a ruling of the Court of Appeal.
Armed policemen were stationed at the entrance of the building on Monday morning, while the multi-storey facility at 41/42 Akin Adesola Street, Victoria Island, Lagos, was sealed and marked as repossessed.
The latest enforcement action followed a restorative injunction issued by Justice Yargata B. Nimpar of the Court of Appeal, Lagos Division, on Friday.
The order reversed an earlier ruling of the Federal High Court, Lagos, which had vacated previous asset-freezing directives.
According to court documents obtained by PREMIUM TIMES, the Court of Appeal also set aside “all steps taken by the respondents and/or persons purporting to act on the instructions of the respondents and which actions were taken pursuant to the order” of the lower court.
The new order is to subsist pending the hearing and determination of the appellants’ motion on notice filed on 26 November.
FBN Quest Merchant Bank and First Trustees Limited are the appellants, while Nestoil Limited, its affiliate Neconde Energy Limited, and their principal promoters, Ernest Azudialu-Obiejesi and Nnenna Obiejesi, are listed as respondents.
The Court of Appeal further granted “an order of interim injunction restraining the respondents, their agents, servants, affiliates and privies from interfering with or interrupting the receiver/manager in the performance of his duties pending the hearing and determination of the motion on notice filed on 26 November 2025.”
Additionally, the court stayed further proceedings in the matter at the Federal High Court and fixed 4 December for the hearing of the pending motion.
Justice J. Osiagor of the Federal High Court, Lagos, had on 20 November vacated a Mareva injunction freezing the assets of Nestoil, Neconde, Mr Azudialu-Obiejesi and Mrs Obiejesi over the alleged debt default.
His ruling nullified a series of orders earlier granted on 22 October by Justice Deinde Dipeolu of the same court, which had frozen the respondents’ bank accounts and shareholdings across more than 20 financial and corporate institutions, including Citibank Nigeria Limited, Central Securities and Clearing Systems PLC, Fidelity Bank PLC, Guaranty Trust Bank PLC, Globus Bank Limited, Keystone Bank Limited, Opay Limited, Polaris Bank Limited, Providus Bank Limited, Stanbic IBTC Bank Limited, Standard Chartered Bank Nigeria Limited, Sterling Bank PLC, Titan Trust Bank Limited, Unity Bank PLC, Wema Bank PLC, Gobowen Exploration and Production Limited, Hammako Consortium Limited, Krawcod Properties Limited, Santa Spring Oil and Gas Limited, Marine & Ocean Infinity Nigeria Limited and White Dove Shipping Co. Ltd.
The appellants allege that Nestoil, Neconde and their promoters owe more than $1.01 billion and ₦430 billion as of 30 September 2025 under various credit facilities.
Justice Dipeolu’s earlier order had not only frozen assets but also directed multiple security agencies—the Nigeria Police Force, the Nigerian Navy and the State Security Service—to assist in enforcing the receivership.
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It authorised the receiver/manager, Abubakar Sulu-Gambari, to take over Nestoil’s headquarters and other assets and to assume control of Neconde’s interests in OML 42, the joint-venture oil block operated with the Nigerian National Petroleum Company Limited (NNPC Limited) and its subsidiaries.
The Nigerian Upstream Petroleum Regulatory Commission and NNPC Limited were also directed to grant the receiver/manager access to production operations and revenue flows.
In their appeal filed on 22 November, the appellants sought to suspend the effect of Justice Osiagor’s ruling pending the hearing of their substantive appeal. They further asked for an injunction preventing the respondents from taking steps to enforce the lower court’s judgment.
“The judgment of the Court of Appeal will be rendered nugatory if any steps were taken in the proceedings at the lower court without first determining the issues raised in the appellants’ appeal,” they argued in their motion.
