A significant legal turning point emerged on Thursday for Nestoil Limited and its associated companies after the Federal High Court in Lagos set aside a sweeping Mareva injunction that had frozen the firm’s assets and those of its top directors.
Justice Daniel Osiagor issued the ruling following the transfer of the high-profile case from Justice Dehinde Dipeolu to his courtroom by the Chief Judge of the Federal High Court. The development effectively nullified an earlier order that had placed extensive restrictions on the company’s financial and physical assets.
The Mareva injunction—granted on October 22, 2025, by Justice Dipeolu—had barred Nestoil, its affiliate Neconde Energy Limited, and company promoters Ernest Azudialu-Obiejesi and Nnenna Obiejesi from accessing or dealing in funds, shares, and other assets held across more than 20 financial institutions.
It also authorised First Trustees Limited and FBNQuest Merchant Bank Limited, representing a consortium of creditor banks, to assume control of Nestoil’s assets under receivership pending determination of an alleged $1 billion debt claim.
Justice Osiagor’s decision now lifts the asset freeze entirely, marking a major relief for the oil and gas services group and its directors, and setting the stage for the next phase of the legal battle over the disputed debt.