Ernest Azudialu-Obiejesi in hassle as banks seize Nestoil over $1bn debt

Ernest Azudialu-Obiejesi, Nigerian oil magnate is presently dealing with arduous instances as a consortium of Nigerian banks has seized his Nestoil Towers, over an alleged estimated $1 billion debt.

The transfer adopted a Federal Excessive Courtroom order issued on October 22, 2025, granting a Mareva injunction—an asset-freeze order—empowering First Trustees Restricted and its subsidiary, FBNQuest Merchant Bank, to take management of Nestoil’s property.

The injunction, granted by Justice D. I. Dipeolu of the Federal Excessive Courtroom in Lagos, was issued in opposition to Nestoil Restricted, its affiliate Neconde Vitality Restricted, and the corporate’s principal promoters, Ernest Azudialu-Obiejesi and Nnenna Obiejesi.

Following the court docket’s ruling, armed cops sealed off Nestoil’s company headquarters at 41/42 Akin Adesola Highway, Victoria Island, Lagos, to implement the receivership and stop the motion or disposal of firm property.

Eyewitnesses stated workers members had been ordered out of the premises as police executed the possession order.

The court docket motion arose from a debt declare filed by FBNQuest Merchant Bank Restricted and First Trustees Restricted in opposition to Nestoil Restricted, Neconde Vitality Restricted, and their administrators. The plaintiffs alleged that the businesses and their promoters owed over $1.01 billion and ₦430 billion as of 30 September 2025, in respect of assorted credit score services.

Justice Dipeolu granted a number of orders freezing the defendants’ financial institution accounts and shares throughout greater than 20 monetary and different establishments in Nigeria, together with Citibank Nigeria Restricted, Central Securities and Clearing Techniques PLC, Fidelity Bank PLC, Guaranty Trust Financial institution PLC, Globus Bank Restricted, Keystone Bank Restricted, Opay Restricted, Polaris Bank Restricted, Providus Bank Restricted, Stanbic IBTC Bank Restricted, Standard Chartered Bank Nigeria Restricted, Sterling Bank PLC, Titan Trust Bank Restricted, Unity Bank PLC, Wema Bank PLC, Gobowen Exploration and Manufacturing Restricted, Hammako Consortium Restricted, Krawcod Properties Restricted, Santa Spring Oil and Fuel Restricted, Marine & Ocean Infinity Nigeria Restricted, and White Dove Delivery Co. Ltd.

The court docket additional authorised Abubakar Sulu-Gambari (SAN), the receiver/supervisor appointed by the plaintiffs, to take over Nestoil’s headquarters positioned at 41/42 Akin Adesola Road, Victoria Island, Lagos, together with different recognized property.

Along with freezing Nestoil’s property and people of its subsidiaries, the court docket directed a number of safety businesses, together with the Nigeria Police Power, the Nigerian Navy, and the State Safety Service (SSS), to offer safety and help in imposing the takeover.

The order additionally empowered the receiver/supervisor to imagine management of Neconde Vitality’s pursuits in Oil Mining Lease (OML) 42, which is collectively operated with the Nigerian Nationwide Petroleum Firm Restricted (NNPCL) and its subsidiaries.

The Nigerian Upstream Petroleum Regulatory Fee (NUPRC) and NNPCL had been additional instructed to grant the receiver entry to the oil block and cooperate in managing manufacturing and income flows.

The Federal Excessive Courtroom adjourned the case to 7 November 2025 for the listening to of the substantive movement on discover.

As of press time, neither Nestoil nor Mr. Azudialu-Obiejesi had publicly commented on the court docket order or the sealing of the corporate’s premises.

The corporate has reportedly confronted extreme liquidity challenges in recent times, linked to mounting money owed owed to a number of lenders.