Fresh Troubles For Nestoil Over $1bn Debt As Office Sealed Up {Video}

<h4>Fresh Troubles For Nestoil<&sol;h4>&NewLine;<p><strong><a href&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;">OpenLife Nigeria<&sol;a><&sol;strong> reports that there is fresh crises for NextOil as receivership has sealed up it office on Victoria Island as seen in a video Monday morning&period;<&sol;p>&NewLine;<p>The video<&sol;p>&NewLine;<div style&equals;"width&colon; 840px&semi;" class&equals;"wp-video"><video class&equals;"wp-video-shortcode" id&equals;"video-31249-2" width&equals;"840" height&equals;"473" preload&equals;"metadata" controls&equals;"controls"><source type&equals;"video&sol;mp4" src&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;wp-content&sol;uploads&sol;2025&sol;12&sol;VID-20251201-WA0057&period;mp4&quest;&lowbar;&equals;2" &sol;><a href&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;wp-content&sol;uploads&sol;2025&sol;12&sol;VID-20251201-WA0057&period;mp4">https&colon;&sol;&sol;openlife&period;ng&sol;wp-content&sol;uploads&sol;2025&sol;12&sol;VID-20251201-WA0057&period;mp4<&sol;a><&sol;video><&sol;div>&NewLine;<p><strong>              The Crises Before Now<&sol;strong><&sol;p>&NewLine;<p>Before now&comma; OpenLife Nigeria reported that Justice Dehinde Dipeolu of the Federal High Court&comma; Lagos&comma; had issued a Mareva injunction restraining Nestoil Limited and its affiliates from disposing of or tampering with their assets pending the determination of a &dollar;1bn debt recovery suit filed by First Trustees Limited and FBNQuest Merchant Bank Limited&period;<&sol;p>&NewLine;<p>In an order dated October 22&comma; 2025&comma; Justice Dipeolu authorised the applicants—acting on behalf of a consortium of creditor banks—to take possession and assume control of Nestoil’s assets and subsidiaries under receivership&period;<&sol;p>&NewLine;<p>The respondents in the suit include Nestoil Limited&comma; its affiliate Neconde Energy Limited&comma; and the companies’ principal promoters&comma; Ernest Azudialu-Obiejesi and Nnenna Obiejesi&period;<&sol;p>&NewLine;<figure id&equals;"attachment&lowbar;30834" aria-describedby&equals;"caption-attachment-30834" style&equals;"width&colon; 275px" class&equals;"wp-caption alignnone"><img class&equals;"size-full wp-image-30834" src&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;wp-content&sol;uploads&sol;2025&sol;10&sol;Untitled-20&period;jpeg" alt&equals;"Ernest Azudialu-Obiejesi's Owned Multi Billion Dollar Nestoil Sealed Up Over Alleged Debt" width&equals;"275" height&equals;"183" &sol;><figcaption id&equals;"caption-attachment-30834" class&equals;"wp-caption-text"><em><strong>Ernest Azudialu-Obiejesi&&num;8217&semi;s Owned Multi Billion Dollar Nestoil Sealed Up again Over Alleged Debt<&sol;strong><&sol;em><&sol;figcaption><&sol;figure>&NewLine;<p>Following the court’s directive&comma; police officers on Tuesday sealed Nestoil’s corporate headquarters located at 41&sol;42 Akin Adesola Street&comma; Victoria Island&comma; Lagos&comma; to enforce the receivership and ensure compliance with the freezing order&period;<&sol;p>&NewLine;<p>Staff members were ordered to vacate the premises while court bailiffs and enforcement officers executed the possession order&period;<&sol;p>&NewLine;<p>Justice Dipeolu granted the Mareva injunction over funds&comma; shares&comma; and other assets standing to the credit of the defendants in more than 20 financial institutions pending the hearing and determination of the substantive suit&period;<&sol;p>&NewLine;<p><img class&equals;"size-full wp-image-30835" src&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;wp-content&sol;uploads&sol;2025&sol;10&sol;nestoil-logo-1&period;jpeg" alt&equals;"Ernest Azudialu-Obiejesi's Owned Multi Billion Dollar Nestoil Sealed Up Over Alleged Debt" width&equals;"200" height&equals;"200" &sol;><&sol;p>&NewLine;<p>The judge also empowered the appointed receiver&sol;managers to take control of Nestoil’s assets&comma; oversee its operations&comma; and preserve them from being alienated or encumbered while the proceedings last&period;<&sol;p>&NewLine;<p>The order was sought to secure an alleged debt exposure of about &dollar;1&period;012bn and ₦430bn said to be owed to the applicant banks as of September 30&comma; 2025&period;<&sol;p>&NewLine;<p>Nestoil and Neconde Energy had obtained multiple credit facilities from a consortium of Nigerian banks led by FBNQuest Merchant Bank&period;<&sol;p>&NewLine;<p>Following alleged defaults in repayment&comma; the lenders appointed First Trustees Limited as their trustee to recover the outstanding sums&period;<&sol;p>&NewLine;<p>Founded in 1991&comma; Nestoil is one of Nigeria’s leading indigenous Engineering&comma; Procurement&comma; Construction and Commissioning  firms in the oil and gas sector&period;<&sol;p>&NewLine;<p>Its affiliate&comma; Neconde Energy Limited&comma; established in 2010&comma; holds an upstream interest in Oil Mining Lease 42&comma; acquired in 2011 under a joint venture with the Nigerian Petroleum Development Company&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;