Nestoil Group on Tuesday addressed recent media reports concerning enforcement actions involving some of its assets, confirming that the matter is the subject of an ongoing commercial dispute before the courts.

The company, in a statement issued by its Corporate Communications Department and shared with The Guardian, said it was aware of the reports and assured stakeholders that the situation was being handled through appropriate legal and regulatory channels.

“Nestoil is aware of the reports and ongoing legal processes referenced in the media. The situation relates to a commercial matter currently before the courts, which is being addressed through appropriate legal and regulatory channels,” the Group said.

The company added that it is engaging constructively with the relevant authorities and financial institutions to reach a resolution, saying “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 stressed that its operations across the oil, gas, power, and infrastructure sectors remain unaffected. It said proactive measures had been implemented to ensure business continuity and protect its workforce and clients.

“Nestoil remains fully operational across all business lines. Our subsidiaries, projects, and commitments in the oil, gas, power, and infrastructure sectors continue without disruption,” the statement said.

The Group reaffirmed its commitment to integrity and transparency, describing these as core principles that have guided its operations for more than three decades.

“For over three decades, Nestoil has built a reputation as one of Nigeria’s foremost indigenous EPC and energy companies. We remain guided by our core values of resilience, integrity, and transparency, and will continue to conduct our business with professionalism and respect for the rule of law,” the statement said.

Seeking to reassure its partners and investors of its financial and operational stability despite the ongoing proceedings, the company said, “We understand the concerns that recent reports may have generated and wish to assure all stakeholders that Nestoil Group remains financially strong, operationally stable, and strategically focused.”

Nestoil urged the media and the public to rely on verified information issued directly by the Group while it continues to provide updates as appropriate.

Meanwhile, the Guardian that the corporate headquarters of Nestoil Limited in Victoria Island, Lagos,was sealed by police after the company was placed under receivership by a consortium of lenders over a reported debt totalling over $1 billion.

A Federal High Court in Lagos, presided over by Justice D. I. Dipeolu, issued a Mareva injunction on 22nd October 2025, authorising First Trustees and its subsidiary, FBNQuest Merchant Bank, to take over the company’s assets.

The court order was issued against the defendants, which include Nestoil Limited and its affiliate, Neconde Energy Limited, along with the principal promoters, Ernest Azudialu-Obiejesi and Nnenna Obiejesi.

Justice Dipeolu restrained dealings in the total outstanding indebtedness as of 30th September 2025, which amounts to $1,012,608,386.91 and N430,014,064,380.77.

The injunction also listed several banks as “affected parties,” ordering them to freeze the assets of the defendants. The banks include Citibank Limited, Fidelity Bank Plc, Guaranty Trust Bank Plc, Globus Bank Limited, Keystone Bank Limited, Opay Limited, Polaris Bank Limited, Providus Bank Limited, Stanbic IBTC Bank Limited, Standard Chartered Bank Nigeria, Sterling Bank Plc, Titan Trust Bank Limited, Unity Bank Plc, and Wema Bank Plc.

Additional debts personally guaranteed by Mr. Azudialu-Obiejesi were also disclosed, including over N366.8 billion, $61.2 million, $152 million, and N10.4 billion owed to Access Bank, First Bank, and Zenith Bank, respectively.

The substantive case is scheduled to be heard next month.