Ernest Azudialu‑Obiejesi, Nigeria’s oil mogul is facing one of the toughest challenges of his career as his company, Nestoil Limited, battles to stay afloat amid a $1 billion and ₦430 billion debt crisis.
The Federal High Court in Lagos has frozen Nestoil’s assets and appointed a court receiver to oversee the company’s operations, signaling a dramatic escalation in the company’s financial woes.
Court Seizes Assets, Appoints Receiver
On October 22, 2025, Justice D. I. Dipeolu granted a Mareva injunction restraining Nestoil Limited, its affiliate Neconde Energy, and their promoters—including Obiejesi and his wife—from disposing of any funds, shares, or assets held across more than 20 financial institutions.
A receiver-manager, Abubakar Sulu-Gambari (SAN), was also appointed to take control of Nestoil’s headquarters in Victoria Island, Lagos, and oversee key operations.
Security agencies, including the Nigeria Police, Navy, and State Security Service (SSS), have been ordered to enforce the court order and secure company assets. Law enforcement authorities reportedly sealed Nestoil’s corporate headquarters, ensuring that no property is moved or sold.
Mounting Debt
Court filings reveal that Nestoil and Neconde Energy collectively owe $1,012,608,386.91 and ₦430,014,064,380.77. Azudialu‑Obiejesi is also reported to have personally guaranteed additional debts, including ₦366.8 billion, $61.2 million, $152 million, and ₦10.4 billion, owed to several banks.
Nestoil Reacts
Despite the court action, Nestoil insists it remains operational. The company said its core businesses in oil, gas, power, and infrastructure continue to function, and that it is actively engaging legal and regulatory channels to resolve the matter.
“The situation is being addressed through appropriate legal and regulatory channels, and we remain confident that constructive discussions will result in a fair and lasting resolution,” a Nestoil spokesperson said.
