Nestoil Group, a leading indigenous Nigerian Engineering, Procurement, Construction, and Commissioning (EPCC) company in the oil and gas sector, has assured stakeholders regarding the sealing of its corporate headquarters in Lagos on Tuesday, that the group “remains fully operational across all business lines.
Nestoil’s statement, acknowledges the ongoing legal processes, stating the situation “relates to a commercial matter currently before the courts” and is being addressed through appropriate legal and regulatory channels.
The enforcement action is understood to stem from a Federal High Court order issued on October 22, 2025, which granted a Mareva injunction empowering a consortium of lenders, including First Trustees Limited and FBNQuest Merchant Bank, to assume control over assets belonging to Nestoil Limited, its affiliate Neconde Energy Limited, and their principal promoters, Dr. Ernest Azudialu-Obiejesi and Mrs. Nnenna Obiejesi.
Reports indicate the debt claim against the companies totals over $1 billion as of September 30, 2025, and led to the sealing of Nestoil’s Lagos office and the freezing of bank accounts and shares across several financial institutions.
Despite the high-profile enforcement, Nestoil Group has moved to assure the public and its partners of its continued stability and operations.
“The Group continues to cooperate fully with all relevant authorities and financial partners to resolve any outstanding matters in a transparent and responsible manner. Constructive discussions are ongoing, and we remain confident that these engagements will result in a fair and lasting resolution.
“Nestoil remains fully operational across all business lines. Our subsidiaries, projects, and commitments in the oil, gas, power, and infrastructure sectors continue without disruption. Proactive measures have been implemented to protect our workforce, sustain operations, and uphold our obligations to clients and partners.” Nestoil said.
Nestoil has a history of working with key industry players, including IOCs like Shell (SPDC), Chevron, ExxonMobil, Total, and Nigerian government entities like NNPC (now NNPC Limited) and its subsidiaries.
It is a major employer, with over 2,000 to 3,000 employees, the vast majority of whom are Nigerian professionals.
Nestoil was involved in the challenging section, including the River Niger crossing, of the The OB3 (Obiafu-Obrikom-Oben) 48-inch Gas Pipeline project, a critical component of Nigeria’s gas master plan, designed to link major gas sources to power generation and industrial clusters.
The ongoing legal proceedings and the enforcement of the Mareva injunction mark one of the most significant corporate debt recovery actions in Nigeria’s energy sector in recent times, placing the spotlight on the financial stability of indigenous oil service companies amidst challenging economic conditions.
