Nestoil Group, yesterday, explained that its current legal tussle with some lenders is a commercial matter currently before the courts and being addressed through appropriate legal and regulatory channels.

Indeed, yesterday, policemen sealed off the corporate headquarters of the company in Victoria Island, Lagos, after the company was placed under receivership by a consortium of lenders over a reported $1 billion debt.

A federal high court sitting in Lagos had on October 22, 2025 issued an order of Mareva authorising First Trustees and its subsidiary, FBNQuest Merchant Bank, to take over the company’s assets.

Justice D. I. Dipeolu issued the injunction against Nestoil Limited and its affiliate, Neconde Energy Limited, as well as Ernest Azudialu-Obiejesi and Nnenna Obiejesi, the principal promoters.

However, Nestoil explained that it has continued to cooperate fully with all relevant authorities and financial partners to resolve any outstanding matters transparently and responsibly, adding that constructive discussions are ongoing to reach 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.

“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”, it added.