Tensions flared at the Nestoil headquarters in Lagos on Friday as the company’s owners and the appointed Receiver Manager engaged in heated arguments over control of the premises. The confrontation came after the owners sought to reclaim the property following a November 20 Federal High Court ruling that reversed an earlier freezing order on Nestoil.
The Receiver Manager, however, maintained that the ruling does not affect the ongoing receivership of the company’s assets.
The dispute stems from a Mareva injunction issued on October 22, 2025, by Justice Dipeolu, which froze Nestoil’s assets, bank accounts, and shares across more than 20 Nigerian financial institutions. The injunction was obtained by FBNQuest Merchant Bank Limited and First Trustees Limited, subsidiaries of First Bank of Nigeria, over an alleged debt of $1.01 billion and N430 billion owed by Nestoil, its affiliate Neconde Energy Limited, and their promoters, Ernest and Nnenna Azudialu-Obiejesi.
In a statement released Thursday, Nestoil’s owners said the Federal High Court in Lagos, presided over by Justice Daniel Osiagor, had set aside the freezing order, prompting their attempt to repossess the headquarters.
Receiver Manager Insists Receivership Still Valid
Despite the court ruling, the Receiver Manager dismissed it as irrelevant to the receivership. In a letter to the Inspector General of Police, signed by Abubakar Sulu-Gambari (SAN) and dated November 20, 2025, the Receiver Manager wrote:
“Kindly be advised that the Ruling of the Court setting aside the Ex-parte Orders DOES NOT affect the Receivership of the assets of NECONDE ENERGY LIMITED and NESTOIL LIMITED… The undersigned was appointed Receiver/Manager pursuant to the Deed of Appointment dated August 19, 2025, filed at the Corporate Affairs Commission (CAC).”
The letter further warned the public against engaging in any dealings with anyone acting on behalf of Nestoil or Neconde Energy, describing such actions as illegal and subject to legal consequences.
Background of the Dispute
Following Justice Dipeolu’s October injunction, Sulu-Gambari was appointed as Receiver-Manager, granting him authority to take possession of Nestoil’s head office at 41/42 Akin Adesola Street, Victoria Island, Lagos, along with other identified properties. The court order also directed the Nigeria Police Force, Nigerian Navy, and State Security Service (SSS) to assist in enforcement.
In late October, armed police reportedly sealed Nestoil’s headquarters, highlighting the seriousness of the dispute. Justice Dipeolu, before recusing himself due to a pending petition before the Chief Judge, had indicated that he would refrain from taking further action until the complaint was addressed.
The ongoing confrontation underscores the complex legal and financial entanglements surrounding Nestoil and its affiliate, Neconde Energy, with both the owners and the Receiver Manager asserting competing claims over control of the company’s assets.