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OpenLife Nigeria reports that Police operatives have 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 Nestoil Limited and its affiliate, Neconde Energy Limited, as well as Ernest Azudialu-Obiejesi and Nnenna Obiejesi, the principal promoters.
Ernest Azudialu-Obiejesi established Nestoil in 1991, an EPCC company specializing in pipeline construction and related facilities, which has become Nigeria’s largest indigenous EPCC company in the oil and gas sector.
Azudialu-Obiejesi also founded Neconde Energy Limited, which operates OML 42. He is the founder and chairman of the Obijackson Foundation, which focuses on education, empowerment, skill acquisition, infrastructure, healthcare, and cultural enrichment in Nigeria.
He holds a doctorate in Business Administration from the International School of Management in Paris.
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